Mortgage equity withdrawls no longer self sustainable

Against a background of rapidly rising house prices, many people looked to supplement their income via mortgage equity withdrawls—and practice that rapidly becaome unsustainable for many people as house prices stalled and began to fall.

RELATED ARTICLESExplain
The Global Financial Crisis
Immediate triggers of the financial crisis?
Bubble in US house prices collapsed
Mortgage equity withdrawls no longer self sustainable
Household debt service ratio rose steeply
Personal savings rate evaporated
Demographic changes as baby boomers move to retirement
Large high risk loans predicated on rising house prices
Vicious circle once the collapse gets underway
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