Who did the financial crisis affect me and could have affected you.

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During,the financialcrisis lots of properties prices went down and were not worth as much as you paid for them so if you sold a property you would lose money.That happened to alot of people including my paents.That will effect alot of people especially where they live.

Comments (1)

  • The-Ruth-Gorse-logo-250x250.jpg creative_sparrow
    The Ruth Gorse Academy 20 Nov 2018

    Yes, I do agree, during the financial crisis, the value of properties did go down. However, this only applies if you wish to have sold the property at that time. At this moment, there is a housing crisis where there is a massive shortage of housing, so demand is higher than supply and people are struggling to find affordable houses to rent; let alone trying to save enough money for a mortgage.
    Before the financial crisis, the banks were lending money to people they knew would have a hard time paying it back, and it was very easy to get 100% mortgages. Because of the financial collapse, the banks have caused people to suffer by making it harder for them to obtain a mortgage, requesting a higher deposit.

    In summary, due to the shortage of houses, the value of properties now should have risen from the financial crisis.

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