The Global Impact of America's Housing Crisis

By Martin Feldstein
02 September 2009 @ 09:48 am EDT

The bursting of America's housing bubble in the summer of 2006 triggered the global financial crisis and recession. The sharp fall in house prices that followed caused a dramatic downturn in household wealth, leading to lower consumer spending and an overall fall in GDP. By now, wealth in the form of owner-occupied housing is down about 30%, equivalent to a loss of more than $6 trillion of household wealth.

Copyright Project Syndicate, Reprinted with permission.

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