Abandoned & Never Lived In Housing Developments

The United States subprime mortgage crisis was a nationwide banking emergency, occurring between 2007–2010, that contributed to the U.S. recession of December 2007–June 2009. It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities. Declines in residential investment preceded the recession and were followed by reductions in household spending and then business investment. Spending reductions were felt the most by the middle class in areas with a combination of high household debt and larger housing price declines.

The housing bubble that preceded the crisis was financed with mortgage-backed securities. While elements of the crisis first became more visible during 2007, several major financial institutions collapsed in September 2008, with President Bush's significant disruption in the flow of credit to businesses and consumers. The onset of a severe global recession followed.


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