U.S. Housing Bubble Burst in 2008
In December 2007, the world witnessed a great recession in the United States of America. According to the universal consensus, the credit crisis ensuing from the housing bubble burst was the major factor behind the origin of the said recession. Economists agree that there were a number of causes that led to the 2008 housing bubble burst in the United States of America. The combination of all the factors resulted in the complexity and extremity of the situation and made the consequential credit crisis more severe (Belsky 9).
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