The Global Financial Crisis And The Housing Bubble

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Reading about the “Global Financial Crisis” and the “housing bubble,” a lot of things come to mind. I remember sitting in school, hearing teachers and adults talking about the financial crisis, but not really knowing what it meant. I remember hearing about other people’s parents being laid off or having to move, but never experiencing it myself. The little bubble of my world was secure, and no one explained to me what was really going on. Until high school. In high school, I took a financial literacy class. That class opened my eyes to so many things. I remember watching videos about the financial crisis. My teacher told us that he lost thousands of dollars when the stock market crashed, and that he had to rebuild his retirement fund. I remember watching videos about foreclosures, big companies being bailed out by banks and the government, and so much more. Even now, I don’t fully understand the situation. How could such a thing have happened? Bringing the world into crisis and fear, how could so many people have lost jobs, lost their houses, lost their way of living in such a short amount of time? A lot of folks lost their jobs and were unable to make their mortgage payments, leading to evictions and foreclosures. A system is in place, where a person at risk of being evicted can make a payment plan and could potentially get their house back. Other times, the house is seized and resold to get money or is auctioned off and bought by a third party. Working with the homeless, I am amazed at how many individuals do not actually have homes. Many individuals don’t have jobs to pay for housing, lost jobs and eventually lost their homes, made poor decisions with illegal drugs and couldn’t make payments, or are just getting on their fee... ... middle of paper ... ...e jobs, but I’d like to cut to the chase and talk about the issue. How many more people could be free from foreclosure or actually buy houses if they could make an actual living wage? How many more funds could be swimming around the real estate industry if more individuals were in the middle-low class, or even (dare I say it) the middle class? All these upper class individuals strutting around, buying property is SO wonderful, I’m SO glad they can afford three houses AND a yacht to get money swirling in the real estate industry. What about the mom who had to rent apartments for 10 years because of her foreclosure and the effects it had on her credit? Fix the cancer, and you’ll be swimming in all of the cash flow you want in the real estate industry. Then, no one will have to ask for essays about foreclosure again, because it will be something taught in history books.

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