US Real Estate Important to Entire Economy
Real estate in the US is a very large market that is significant to the world economy. It is no wonder then that due to the subprime crisis in the US where real estate prices collapsed and home foreclosures rose to a record high, a global financial crisis came to be. Asian, European, Latin American countries had their economies on their knees. The US real estate is divided into two sectors: the commercial real estate and the residential real estate. Crisis was focused on the residential real estate where homeownners were faced with high and unaffordable mortgage, default in monthly payments and eventually, foreclosures.