ashington never learns. Never. Politicians are like collective Alzheimer's disease patients. They have no short-term memories.
The calamity resulted from government policies that intentionally inflated a housing bubble year after year. Few saw the bursting of the bubble coming. When it popped, the carnage was everywhere and felt from coast to coast. Mortgage interest rates now exceed 5.2% — up from 3.6% just two years ago. In some markets, rates are nearing 6%. And the Fed is raising rates again, as it should, but this too will likely further inflate mortgage rates.
Loan-to-income levels are also rising, which makes defaults more likely. If housing prices fall, borrowers will start to be pushed underwater with unpaid loans more outstanding than the house's value. They will walk away as millions of borrowers did in 2008 and 2009.
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'Analog astronauts' assemble in Biosphere 2 bubble to talk simulated space missionsChelsea “Foxanne” Gohd joined Space.com in 2018 and is now a Senior Writer, writing about everything from climate change to planetary science and human spaceflight in both articles and on-camera in videos. With a degree in Public Health and biological sciences, Chelsea has written and worked for institutions including the American Museum of Natural History, Scientific American, Discover Magazine Blog, Astronomy Magazine and Live Science. When not writing, editing or filming something space-y, Chelsea 'Foxanne' Gohd is writing music and performing as Foxanne, even launching a song to space in 2021 with Inspiration4. You can follow her on Twitter chelsea_gohd and foxannemusic. Viva Los Bio-Dome! 😏 Wonderful complex. I think I'm old enough to be an analog astronaut, I mean, I could totally pass as a digital astronaut, but I'm definitely analog.
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