query: when did the housing market crash in 2008

pos: United States housing bubble United States housing bubble The United States housing bubble was a real estate bubble affecting over half of the U.S. states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2012. On December 30, 2008, the Case–Shiller home price index reported its largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the 2007–2009 recession in the United States. Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized

neg: 2008–2014 Spanish financial crisis mortgages. While some observers suggest that a soft landing will occur, others suggest that a crash in prices is probable. Lower home prices will allow low-income families and young people to enter the market; however, there is a strong perception that house prices never go down. As of August 2008, while new constructions have come virtually to a halt, prices have not had significant movements, neither up nor downwards. The national average price as of late 2008 is 2,095 euros/m. Housing prices were projected to fall another 25%. Government protections allow banks to avoid marking-to-market to postpone losses. "Spanish housing

neg: Joseph A. Hardy III in the United States. The early 2000s proved to be successful for 84 Lumber. In 2002, the company hit record sales and in 2004, they opened 18 new stores. In 2008, however, 84 Lumber’s profits plummeted when the housing market crashed and brought the building supplies market down with it. Vast spending and impulsive decisions contributed to a tough financial situation as well, placing 84 Lumber on the brink of bankruptcy in 2009. The situation for the company improved some years after the crash, as the market started to bounce back. With a restructuring of the workforce and the selling

neg: Flip or Flop in Buena Park, California and Christina Meursinge Haack grew up in Anaheim Hills. Tarek, who earned his real estate license at age 21, met Christina while working in the real estate industry. The couple were selling real estate in the Southern California area when the housing market plummeted after the October 2008 stock market crash; they went from living in a $6,000 per month home to a $700 per month apartment. The couple married in 2009 and have two children, a girl named Taylor Reese and a boy named Brayden James. In 2013, a registered nurse and viewer, Ryan Reade,

neg: Christina El Moussa Moussa Group was dissolved, now running under the name Tarek and Associates, which is a venture with the sole involvement of Tarek. Tarek and El Moussa have since built their own construction and design company and routinely flip houses in southern California. The husband and wife team sold real estate in the southern California area. When the housing market plummeted after the October 2008 stock market crash, their real estate business began to suffer. El Moussa and her husband went from living in a $6,000 per month home to a $700 per month apartment within just a few years. One

neg: Alan Greenspan contribute to the giant housing bubble and the worst worldwide crash since the Great Depression. In 2004 he lowered interest rates to 1%, enabling banks to borrow money for free, adjusted for inflation. Naturally, the banks wanted to borrow as much as they possibly could, then lend it out, earning nice profits. The situation screamed for government oversight of lending institutions, lest the banks lend to unfit borrowers. He refused, trusting the market to weed out bad credit risks. It did not." In congressional testimony on October 23, 2008, Greenspan finally conceded error on regulation. "The New York Times" wrote,

neg: Med Jones Med Jones Med Jones a.k.a. Med Yones is an American economist. He is the president of International Institute of Management, a U.S. based research organization. His work at the institute focuses on economic, investment, and business strategies. Med Jones is one of few economists who predicted the Great Recession of 2008 caused by the burst of the United States housing bubble, the Subprime mortgage crisis and the Stock market crash of 2008 In a 2006 white paper, he listed three major U.S. economic risks for the decade between 2007-2017. The risks included the housing bubble and consumer debt, among the

neg: Stock market bonds and other elements of the market. There have been a number of famous stock market crashes like the Wall Street Crash of 1929, the stock market crash of 1973–4, the Black Monday of 1987, the Dot-com bubble of 2000, and the Stock Market Crash of 2008. One of the most famous stock market crashes started October 24, 1929, on Black Thursday. The Dow Jones Industrial Average lost 50% during this stock market crash. It was the beginning of the Great Depression. Another famous crash took place on October 19, 1987 – Black Monday. The crash began in Hong Kong

neg: Med Jones about a much worse economic crisis as a result of the subprime mortgages, stating that “The worst thing that could happen to any economy is the loss of confidence”. In 2007 the Federal Reserve was still blind to the impact of the housing bubble and subprime crash. In August 2007, the New York Federal Reserve reported that for the most part, Bear Stearns' (mortgage-related financial) problems did not pose a substantial risk to the economy. The Fed Chairman stated that: "The housing market has looked a bit more solid, and the worst outcomes have been made less likely". In May

neg: Decor Cabinets Prairie, Manitoba in 1977. The company produced framed and frameless products for several years and then moved exclusively into frameless production. In 1985 the company shifted its focus to custom frameless products with full access cabinetry. In 1990 Decor moved to its current location in Morden, Manitoba. In 2007, Decor Cabinets became the first company in Manitoba to be certified through the WOODMARK Quality Certification Program. The company was able to gain market share despite fierce competition and the housing market crash in the U.S. that started in 2008. Decor Cabinets is owned by Larry Dyck and Vice President of

neg: Econohomes employees are treated. The ranking was awarded in the Top Small Companies 2012 category. Econohomes Econohomes is a privately held company based in Austin, Texas, specializing in foreclosures, also known as real estate owned properties (REO), and specialty financing across the United States.The company buys distressed residential properties wholesale and resells them online at prices under $100,000. Buyers are mostly made up of investors who renovate and resell or rent the properties. The company was founded in 2006.Econohomes’ initial goal was to serve the deep sub-prime market by retailing affordable homes, but after the housing market crash in 2008, Jeff

neg: Econohomes Econohomes Econohomes is a privately held company based in Austin, Texas, specializing in foreclosures, also known as real estate owned properties (REO), and specialty financing across the United States.The company buys distressed residential properties wholesale and resells them online at prices under $100,000. Buyers are mostly made up of investors who renovate and resell or rent the properties. The company was founded in 2006.Econohomes’ initial goal was to serve the deep sub-prime market by retailing affordable homes, but after the housing market crash in 2008, Jeff Ball, the current CEO, realigned the business model to sell to investors. Jeff Ball

neg: Owner-occupancy encouraged by governments in Western countries (especially English-speaking countries) because it was thought to help people acquire wealth, to encourage savings, and promote civic engagement. However the housing market crash of 2008 in most of the English-speaking world has caused academic and policy-makers to question this logic. "Source: Housing Finance Information Network (HOFINET) Homeowners are usually required to pay property tax (or millage tax) periodically. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state, a county or geographical region, or a

neg: Dean Baker this commentary on his weblog "Beat The Press," which was formerly published at "The American Prospect", but is now located at the CEPR website. Baker won the Revere Award, along with Steve Keen and Nouriel Roubini, for predicting the crash of the United States housing bubble and the resulting recession, which occurred from 2007 to 2008. He warned about the coming crisis and the related government policies in multiple articles, op-eds and interviews from 2002 to 2005. Basing his outlook on house-price data-sets produced by the U.S. government, Baker asserted that there was a bubble in the US housing market

neg: Baltic states housing bubble the housing prices crash in Latvia far worse than Estonia and Latvia during the housing price crash – as the housing prices outstrips the growth of rent rate. In Lithuania, the house price-to-rent even fall below the reference point in between the third quarter of 2009 up to the first quarter of 2010. The adjustment trend fizzled out by 2011 as the housing price began to rebound in the Baltic states. Following the liberalization of financial services in the Baltic states, banks from the Nordic region were competing for market shares in the Baltic states. Thus, this fuelled in capital

neg: United States housing market correction more from peak values in some markets, and, although this cooling did not affect all areas of the United States, some warned that the correction could and would be "nasty" and "severe". Chief economist Mark Zandi of the research firm Moody's Economy.com predicted a crash of double-digit depreciation in some U.S. cities by 2007–2009. Dean Baker of the Center for Economic and Policy Research was the first economist to identify the housing bubble, in a report in the summer of 2002. Investor Peter Schiff acquired fame in a series of TV appearances where he opposed a multitude of financial experts

neg: Causes of the United States housing bubble feared being left behind by their nongovernment competitors." Most early estimates showed that the subprime mortgage boom and the subsequent crash were very much concentrated in the private market, not the public market of Fannie Mae and Freddie Mac. According to an estimate made by the Federal Reserve in 2008, more than 84 percent of the subprime mortgages came from private lending institutions in 2006. The share of subprime loans insured by Fannie Mae and Freddie Mac also decreased as the bubble got bigger (from a high of insuring 48 percent to insuring 24 percent of all subprime loans in

neg: Spencer Bachus Credit, Bachus worked on bipartisan draft subprime mortgage reform legislation to address abuses in the lending market. According to the book "Act of Congress" by Robert G. Kaiser, "Bachus thought that if it had passed in 2005, subprime lending would have dried up, and the Great Crash could have been avoided or at least made much less serious." In 2008, Bachus proposed the Secure and Fair Enforcement for Mortgage Licensing, an addition to the Housing and Economic Recovery Act of 2008 that required licensing for mortgage brokers. In 2010, Bachus stated that "ending the bailout of Fannie [Mae] and Freddie

neg: History of Seattle since 1940 arrivals taking advantage of the now-underpriced housing stock. Quite likely, Seattle evaded the fate of Detroit through being a port city with a large number of highly educated, skilled workers. Seattle industry did slightly better than the national average during the rest of the 1970s; nonetheless the boom decades of the 1950s and 1960s had been brought to a decisive end. The Pike Place Market, arguably Seattle's most significant tourist attraction, gained its modern form in the aftermath of the Boeing crash. The market had been founded in 1907 with a great deal of early success, but, like most public

neg: Robert C. Weaver the new Secretary. Moyers noted Weaver's strong accomplishments and ability to create teams. Ten days after receiving the report, the president put forward the nomination, and Weaver was successfully confirmed by the United States Senate. Weaver had expressed his concerns about African Americans' housing issue before 1930 in his article, "Negroes Need Housing", published by the magazine "The Crisis" of the NAACP after the Stock Market Crash.<ref name="https://books.google.com/books?id=-VoEAAAAMBAJ&pg=PA138&lpg=PA138&dq=robert+c+weaver+crisis&source=bl&ots=mDM1Dhy1ie&sig=FYgqSE9fwwes75dyCB5aYJv-Gm0&hl=zh-TW&sa=X&ei=UWleVdv4KoTIogSAt4G4CQ&ved=0CCkQ6AEwAjgK#v=onepage&q&f=true"></ref> He noted there was a great difference between the income of most African Americans and the cost of living; African Americans did not have enough housing supply because of many social factors,

neg: Public housing in the United States the supply side by supplementing a household’s rent allowance until they were able to afford market rates. EHAP was designed to test three aspects of the impact of vouchers: Ultimately, new legislation on housing vouchers did not wait for the conclusion of the experiment. When the program concluded over a decade later, it was discovered that the program had minimal impact on surrounding rents, but did have the potential to tighten the market for low-income housing, and communities were in need of an infusion of additional units. Some therefore argued that public housing was the appropriate model for cost and

neg: Atlanta Thrashers this season, the Thrashers' ticket sales would start dwindling due to the housing market crash of 2008, and a stale economy in Atlanta. Although the ticket sales dropped, the fans remained loyal throughout the decline of the team. Just months after reaching the playoffs for the first time, the Thrashers began the 2007–08 season 0–6. Consequently, they fired Head Coach Bob Hartley on October 17, 2007, with General Manager Don Waddell taking over behind the bench on an interim basis. The Thrashers ended the season with only 76 points, finishing 14th in the Eastern Conference. On January 27, 2008, the

neg: Land&Liberty public policy—to the sustainable bridging of private life, the public sector and common resources. "Land&Liberty's" focus therefore is radical justice in property rights and taxation. "Land&Liberty" forecast the 2008 global crisis and housing crash. In the middle of the economic optimism of 2004, it wrote: "There’s trouble ahead. A housing crash is coming." Its 'Crash' cover story issue was published in the first week of September 2007, just days before the events at Northern Rock that caught the economic establishment unawares. Since the 1980s "Land&Liberty" has been an influence on the political opposition within Zimbabwe. In August 2008, the Movement

neg: Wealth effect observable in economic data, at least in regard to increases or decreases in home or stock equity. For example, while the stock market boom in the late 1990s (q.v. dot-com bubble) increased the wealth of Americans, it did not produce a significant change in consumption, and after the crash, consumption did not decrease. Economist Dean Baker disagrees and says that “housing wealth effect” is well-known and is a standard part of economic theory and modeling, and that economists expect households to consume based on their wealth. He cites approvingly research done by Carroll and Zhou that estimates that households increase

neg: Alice Austen Alice at Clear Comfort in 1917, overriding her family's objection over her "wrong devotion" to Alice. They stayed together until, after Stock Market Crash when they struggled to get by, Gertrude's family offered housing to Gertrude, and only her, in 1950. They wished to be buried together, but their families refused this wish. Austen lived off the interest from the money left by her grandfather but the principal was lost in the Wall Street Crash of 1929, and by age 63, she had no income. She began to sell off her silver, art works, and furniture to get enough money

neg: Wall Street Crash of 1929 Wall Street Crash of 1929 The Wall Street Crash of 1929, also known as the Stock Market Crash of 1929 or the Great Crash, is the stock market crash that occurred in late October, 1929. It started on October 24 ("Black Thursday") and continued until October 29, 1929 ("Black Tuesday"), when share prices on the New York Stock Exchange collapsed. It was the most devastating stock market crash in the history of the United States, when taking into consideration the full extent and duration of its after effects. The crash, which followed the London Stock Exchange's crash of September, signalled

neg: Baltic states housing bubble first quarter as the index edged up by 7.0% (q-o-q % change). However the impact from the property crash in Estonia can be seen in the second quarter of 2008. By the second quarter, the house price index has gone down 1.8% (q-o-q % change). Overall, the house price index for Latvia declined by 17.8% (y-o-y % change) in 2008. By 2008, housing price in Riga nosedived 19.6% compared to 2007. Housing price in Jūrmala also saw the housing prices declined by 18.3% in 2008 compared to 2007. Liepāja and Jelgava, on the other hand, observed housing price appreciation by

neg: Wall Street Crash of 1929 among economists and historians as to what role the crash played in subsequent economic, social, and political events. "The Economist" argued in a 1998 article that the Depression did not start with the stock market crash, nor was it clear at the time of the crash that a depression was starting. They asked, "Can a very serious Stock Exchange collapse produce a serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" They argued that there must be some setback, but there was not yet sufficient evidence to prove that it would

neg: Economic bubble aftermath of a crash devastate the economy of a nation, but its effects can also reverberate beyond its borders. Another important aspect of economic bubbles is their impact on spending habits. Market participants with overvalued assets tend to spend more because they "feel" richer (the wealth effect). Many observers quote the housing market in the United Kingdom, Australia, New Zealand, Spain and parts of the United States in recent times, as an example of this effect. When the bubble inevitably bursts, those who hold on to these overvalued assets usually experience a feeling of reduced wealth and tend to cut

neg: Toby McKenzie and over 100 businesses including a golf course in Ooltewah, bowling alley, a hotel in sweetwater, a used car dealership and a shopping center on Paul Huff Parkway in Cleveland that was never built. These reckless investments would eventually lead to his bankruptcy. In 2004 he founded McKenzie Trucking & Leasing, a trucking company. In December 2008, after the housing market crash and the beginning of the Great Recession, McKenzie filed for Chapter 11 Bankruptcy in the United States District Court in Chattanooga disclosing $151 million in debts and assets of over $100 million. He was then ordered to make

neg: Reggie Middleton also a significant investor in residential real estate. Middleton is known for making predictions about the crash of markets and large financial institutions long before they occur. Aaron Elstein of Crain's New York Business said "Mr. Middleton has been startlingly accurate in the past. He forecast the collapse of the housing market in 2007, and in early 2008 warned of the demise of Bear Stearns weeks before it happened. Earlier this year, he said that Ireland's finances were in terrible shape long before Standard & Poor's got around to downgrading that nation's credit rating." In 2007, he founded Boom Bust

neg: Laura Street Trio building fell into disrepair. In the 2000s the Laura Street Trio were recognized as some of Jacksonville's most significant – and endangered – historic buildings. In 2002, under Mayor John Delaney, the City of Jacksonville purchased all three buildings to transfer them to a developer who could restore them. Orlando developer Cameron Kuhn purchased the Laura Street Trio, as well as the nearby Barnett National Bank Building, but went bankrupt in the 2008 housing market crash before restoring them. The project subsequently sat idle. In 2010 Jacksonville investment group Atkins Group, together with the Tallahassee-based Capital City Partners, presented a

neg: Selective exposure theory rather than information that is inconsistent. Recent research has shown that "Confirmatory Information Search" was responsible for the 2008 bankruptcy of the Lehman Brothers Investment Bank which then triggered the Global Financial Crisis. In the zeal for profit and economic gain, politicians, investors and financial advisors ignored the mathematical evidence that foretold the housing market crash in favor of flimsy justifications for upholding the status quo. Researchers explain that subjects have the tendency to seek and select information using their integrative model. There are two primary motivations for selective exposure: Accuracy Motivation and Defense Motivation. Accuracy Motivation explains that an

neg: 2011 Bangladesh share market scam end of the two-year political crisis and re-emergence of democracy when Awami League won the December 2008 polls, and was largely unaffected by the BDR Mutiny. The market was heavily aided by the entrance of Grameenphone into the capital market, when the index rose by 22% over a single day on 16 November 2009. Share prices continued to fluctuate, reaching the annual high in mid-2009 before plummeting by the end of 2009, with retail investors threatening a hunger strike. Notable that, Bangladesh also faced such a stock market crash in 1996. Coincidentally, Awami League have been at government during both

neg: Claire Leka stock market crash of 2008. She reported extensively on the automobile, housing and credit crisis as well as the collapse of Bear Stearns, Lehman Brothers, AIG, Fannie Mae and Freddie Mac. Claire also provided live analysis of the U.S. government's efforts to rescue the American economy, the bank crisis and the intricacies of the derivative markets. In addition to her work as a business correspondent, Claire has covered major general assignment stories for CBS News including: the Virginia Tech massacre, the hanging of Saddam Hussein, President Gerald Ford's funeral and the Amish School massacre. Leka served as a Washington, D.C.

neg: Low-Income Housing Tax Credit financial markets deteriorated in the second half of 2008, so did the C corporations’ profits that are typically offset by tax credits, like the LIHTC. As a result, the market for LIHTCs was decimated. The development of new tax credit properties and rehabilitation activities for older affordable housing properties froze completely. Congress took action in February 2009 to help restart the LIHTC market. The American Recovery and Reinvestment Act of 2009 created two gap-financing programs to help tax credit properties, which were ready to begin construction, get additional financing. First, Title XII of the Recovery Act appropriated $2.25 billion to

neg: Souk Al-Manakh stock market crash Facilities Resettlement Program. The implementation of the program was still incomplete in 1990 when the Iraqi invasion changed the entire financial picture. Coupled with reduced oil revenues caused by the ongoing Iran–Iraq War, the Souk Al-Manakh crash helped to push the entire Gulf region into a recession. Souk Al-Manakh stock market crash The Souk Al-Manakh stock market crash was the 1982 stock market crash of Kuwait's unofficial stock market, the Souk Al-Manakh. The Al-Manakh market was housed in an air-conditioned parking garage that had formerly been a camel trading venue, and specialized in highly speculative and unregulated non-Kuwaiti companies. At

neg: Foreign Reports had been practically a secret in the early days of Foreign Reports and had been remarkably stable in general during the firm’s first 16 years, but it would be another ten years before price volatility would become a major reason for the firm to develop another service for its clients. OPEC did not institute its first quotas until 1982, just as crude oil prices were beginning to come under downward pressure in the market. When prices did eventually start to crash in late November 1985, no other reporting service in the industry had so closely chronicled how that crash would

neg: Economy of Saskatoon Ottawa and a scant 3.0 years in Winnipeg, and also moves Saskatoon housing into the "seriously unaffordable" category. However, Saskatoon's housing market has significantly cooled in recent months (from May 2008) as global economic conditions deteriorate, relieving some of the previous housing strain. House prices have dropped 9.2% after hitting the peak in June 2008 to currently February 2009 (was down 14.1% from June 2008 to December 2008) and sales have plummeted by 34%, ending a year long boom in the housing market. By 2005, however, Saskatoon was in the midst of another growth boom with construction under way on

neg: Causes of the United States housing bubble that geographic constraints are only a secondary factor, pointing to the more discernable effects that urban growth boundaries have on housing prices in such places as Portland, OR. Despite the presence of geographic constraints in the surrounding Portland area, their current urban growth boundary does not encompass those areas. Therefore, one would argue, such geographic constraints are a non issue. Yale economist Robert Shiller argues that the 2000 stock market crash displaced "irrational exuberance" from the fallen stock market to residential real estate: "Once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market

neg: Stock market crash Monetary Fund in November. In the United States, 15 banks failed in 2008, while several others were rescued through government intervention or acquisitions by other banks. On October 11, 2008, the head of the International Monetary Fund (IMF) warned that the world financial system was teetering on the "brink of systemic meltdown". The economic crisis caused countries to close their markets temporarily. On October 8, the Indonesian stock market halted trading, after a 10% drop in one day. "The Times" of London reported that the meltdown was being called the "Crash of 2008", and older traders were comparing it with

neg: Robert J. Shiller Economics, citing his "pioneering contributions to financial market volatility and the dynamics of asset prices". On October 14, 2013, it was announced that Shiller had become a recipient of the 2013 Nobel Prize in Economics alongside Eugene Fama and Lars Peter Hansen. In interviews in June 2015, Shiller warned of the potential of a stock market crash. In August 2015, after a flash crash in individual stocks, he continued to see bubbly conditions in stocks, bonds and housing. In 2017, Shiller was quoted as calling Bitcoin the biggest financial bubble at the time. The perceived failure of the Cincinnati Time

neg: Loan modification in the United States Loan modification in the United States Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure. Loan modifications have been practiced in the United States since The 2008 Crash Of The Housing Market from Washington Mutual, Chase Home Finance, Chase, JP Morgan & Chase, other contributors like MER's. Crimes of Mortgage ad Real Estate Staff had long assisted nd finally the

neg: Hyde Park (Austin, Texas) late 1890s and 1935. Houses built during that period reflect the architectural tastes, trends and patterns that prevailed in Austin at the time. Bungalows are the most common house type, followed by examples of the stylistic influences of the Queen Anne and Tudor Revival styles. As Austin has grown, Hyde Park has once again undergone a boom of sorts. In 2001 to 2007, the median home price rose by nearly $70,000 to $320,000. Despite the housing market crash in 2008-2009, homes have regained their values and as of July 2013 the median home price was $350,000 with some properties selling

neg: Value-form This was equivalent to around one quarter of all mortgaged homes. Subsequently, the housing market recovered. Yet ten years later, more than 5 million American mortgaged homes (around one in ten owner-occupied mortgaged homes) were still seriously "underwater". New School researchers found that, between the spring of 2009 and the fall of 2011, about 45 percent of the US workers they studied saw their retirement account-balances decrease by thousands of dollars. For many workers, renewed gains in pension funds after the financial crash of 2008 could only partly offset the losses. In the old capitalism, working people were "rewarded" for

neg: Fault Lines: How Hidden Fractures Still Threaten the World Economy Freddie Mac, as well as banks directing money into low-income housing. As the housing agencies bought subprime mortgage-backed securities in large quantities, these created perverse incentives for brokers to originate loans without investigating borrowers’ creditworthiness. Initially these issues were masked by rising house prices and low default rates. As house prices kept rising between 1999 and 2007, households borrowed against existing home equity. Eventually, when prices stopped rising, a large number of borrowers were forced to default. This led to a collapse in the subprime market which in turn precipitated the wider financial crash. Late-developing economies, especially those that became

neg: Behavioral analysis of markets one day will register only as an annoyance on another day. The study of behavioral analysis received increased attention after more traditional economic and market forecasting tools witnessed a high-profile failure during the 2008 financial crisis. Economist Robert Shiller—considered a pioneer in behavioral finance—has been credited with forecasting the US housing bubble and its subsequent crash. Many traditionally trained technical analysts, fundamental analysts and economists are critical of behavioral analysis due to its relatively short track record and vague (some would say secretive) methodology. The same criticism is often leveled at Elliott wave practitioners although that investing methodology has been

neg: Government policies and the subprime mortgage crisis property values.” In their paper on the GSEs they did "not find evidence that their crash was due much to government housing policy or that they had an essential role in the development of the subprime mortgage - backed securities market". The CRA was originally enacted under President Jimmy Carter in 1977. The Act was set in place to encourage banks to halt the practice of lending discrimination. There is debate among economists regarding the effect of the CRA, with detractors claiming it encourages lending to uncreditworthy consumers and defenders claiming a thirty-year history of lending without increased risk. The

neg: Baltic states housing bubble of 2007-08 resulting in fragile Baltic economies. The housing price correction had begun in Estonia by mid-2007 followed by Latvia and Lithuania in mid-2008. Subsequently, Latvia and Estonia experienced recession by first half of 2008, while Lithuania had experienced a slowdown in its economy by the first half of 2008. The situation worsened after the September 2008 global financial crash, sending the entire region into a full-blown recession. All three countries experienced recession by 2009. The increase of credit supply to private sectors was largely to be blamed for the housing bubble in the Baltic states, due to the availability

neg: Stock market crash the underlying security are also suspended. Further, when more than 35% of the capitalization of the CAC40 Index cannot be quoted, the calculation of the CAC40 Index is suspended and the index is replaced by a trend indicator. When less than 25% of the capitalization of the CAC40 Index can be quoted, quotations on the derivative markets are suspended for half an hour or one hour, and additional margin deposits are requested. General: Examples: Stock market crash A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market, resulting in a

neg: The Big Short (film) the cast's performances (particularly Bale, Carell and Gosling), McKay's direction and the screenplay. The film won the Academy Award for Best Adapted Screenplay in addition to nominations for Best Picture, Best Director, Best Supporting Actor (Bale), and Best Film Editing. The film consists of three separate but concurrent stories, loosely connected by their actions in the years leading up to the 2007 housing market crash. Michael Burry In 2005, eccentric hedge fund manager Michael Burry discovers that the United States housing market is extremely unstable, being based on high-risk subprime loans. Anticipating the market's collapse in the second quarter of

neg: Stock market crash losses in a stock market index over a period of several days. Crashes are often distinguished from bear markets by panic selling and abrupt, dramatic price declines. Bear markets are periods of declining stock market prices that are measured in months or years. Crashes are often associated with bear markets, however, they do not necessarily go hand in hand. The crash of 1987, for example, did not lead to a bear market. Likewise, the Japanese bear market of the 1990s occurred over several years without any notable crashes. Tulip Mania (in the mid-1630s) is often considered to be the first

neg: Robert N. Klein II California housing developer who also taught housing law at Stanford. He made his multimillion-dollar fortune primarily in the Modesto area, of the Central Valley, CA, developing low-income housing. He included market-rate units within subsidized projects to help generate financing for projects. When Nixon administration housing secretary George W. Romney ended public housing subsidies in January 1973, Klein and an associate, Michael J. BeVier, successfully persuaded the California legislature to create the California Housing Finance Agency, which subsidizes housing developments with low-interest bonds. (Klein did not use CHFA money in his real estate deals to eliminate the potential for a conflict

neg: Friday the 13th mini-crash Friday the 13th mini-crash The Friday the 13th mini-crash was a stock market crash that occurred on Friday, October 13, 1989. The crash - referred to by some as "Black Friday" - was apparently caused by a reaction to a news story of the breakdown of a $6.75 billion leveraged buyout deal for UAL Corporation, the parent company of United Airlines. When the UAL deal fell through, it helped trigger the collapse of the junk bond market. The deal unraveled because the Association of Flight Attendants pulled out of the deal when management, in negotiations over an Employee Stock Ownership

neg: Andrew Mellon the Federal Reserve Board began raising interest rates. Mellon favored another interest rate increase in 1929, and in August 1929 the Federal Reserve Board raised the discount rate to six percent. The higher rate failed to curb speculation, and the activity on the stock market continued to grow. In October 1929, the New York Stock Exchange suffered the worst crash in its history in what was called "Black Tuesday." As the vast majority of Americans did not own shares in the stock market, the crash did not immediately have disastrous effects on the U.S. economy as a whole. Mellon had

neg: Australian property bubble has had a significant impact on house prices." In 2008, another study was commissioned – the 2008 Senate Select Committee on Housing Affordability in Australia. The report noted that "On some measures, housing affordability is at a record low." 'Australia's Future Tax System' (AFTS) review, more commonly known as the 'Henry Tax Review', made a number of recommendations that would have impacted on the housing market, including: In regard to recommendations of changes to tax policy that might impact the housing market, the Government advised "that it will not implement the following policies at any stage" (excerpt of list): In

neg: Disparate impact Act regulates many activities relating to housing, insurance, and mortgage loans—and some scholars have argued that the theory's use under the Fair Housing Act, combined with extensions of the Community Reinvestment Act, contributed to rise of sub-prime lending and the crash of the U.S. housing market and ensuing global economic recession. Disparate impact Disparate impact in United States labor law refers to practices in employment, housing, and other areas that adversely affect one group of people of a protected characteristic more than another, even though rules applied by employers or landlords are formally neutral. Although the protected classes vary by

neg: Panic of 1901 chairman of the executive committee of the Union Pacific and he ruled without dissent. But he speculated heavily with Union Pacific holdings, and his attempt to monopolize the Chicago rail market led to the Panic of 1901." Harriman's opponent in the struggle for Northern Pacific was James J. Hill, who had allied himself with financier J.P. Morgan. One of the causes of this stock market crash was Harriman's effort to gain control of Northern Pacific by buying up its stock. The panic began when the market crashed during the afternoon of May 8. Investors did not see it coming, but

neg: Brilliance BS4 2013, only 2414 cars were sold. Brilliance BS4 The Brilliance BS4 was a four-door notchback sedan produced by Brilliance Auto in the People's Republic of China, where it is known as the Zhonghua Junjie. The car was scheduled for launch in Germany, Europe’s largest national car market, in 2007. Following poor crash test results of the BS6 model and ensuing press comments, a Western launch was postponed at the last minute, and German sales were expected to start in the autumn of 2008, when the vehicle’s structure was expected to have been modified in order to achieve improved European crash

neg: Brilliance BS4 Brilliance BS4 The Brilliance BS4 was a four-door notchback sedan produced by Brilliance Auto in the People's Republic of China, where it is known as the Zhonghua Junjie. The car was scheduled for launch in Germany, Europe’s largest national car market, in 2007. Following poor crash test results of the BS6 model and ensuing press comments, a Western launch was postponed at the last minute, and German sales were expected to start in the autumn of 2008, when the vehicle’s structure was expected to have been modified in order to achieve improved European crash test ratings. After modification, it achieved

neg: Stock market crash market index, calculating the returns over a five-year period. Researchers continue to study this theory, particularly using computer simulation of crowd behaviour, and the applicability of models to reproduce crash-like phenomena. Research at the New England Complex Systems Institute has found warning signs of crashes using new statistical analysis tools of complexity theory. This work suggests that the panics that lead to crashes come from increased mimicry in the market. A dramatic increase in market mimicry occurred during the whole year before each market crash of the past 25 years, including the recent financial crisis. When investors closely follow each

neg: National Housing and Planning Advice Unit body had a budget of £1,459,000 for its first year of operation in 2007/2008 and had twelve full time equivalent paid staff. The then secretary of state also gave details of the original board members, them being: The body's original purpose was to advise government, planners and other regional bodies on the subject of housing affordability and on the consequences of different housing level provision when they carried out works pertaining to the provision of planned housing (which they had been required to do since April 2007), to conduct and commission research relating to the housing market to gain a

neg: 2008 Daytona 500 5th caution. However, he did not have any damage from the crash. The biggest crash occurred on lap 189 when Kevin Harvick knocked Dave Blaney into the wall, collecting Mark Martin, Michael Waltrip, Casey Mears, Denny Hamlin, Travis Kvapil, and Carl Edwards. Mears did not pit and wound up 4th in the field despite minor damage. On lap 195, Jeff Burton worked his way up to first. Mears tried to block Tony Stewart, who went with Burton, but turned himself into the wall, bringing out another caution. Burton had a fuel problem on the restart, resulting in Stewart passing him

neg: Spoofing (finance) buy and sell orders every millisecond ("quote stuffing") — which he witnessed when placing trades at the Chicago Mercantile Exchange (CME). Sarao claimed that he made his choices to buy and sell based on opportunity and intuition and did not consider himself to be one of the HFTs. The 2010 Flash Crash was a United States trillion-dollar stock market crash, in which the "S&P 500, the Nasdaq 100, and the Russell 2000 collapsed and rebounded with extraordinary velocity." Dow Jones Industrial Average "experienced the biggest intraday point decline in its entire history," plunging 998.5 points (about 9%), most within minutes,

neg: 2008 Guam B-52 crash USAF also conducted a separate safety investigation into the mishap but did not publicly release its findings. 2008 Guam B-52 crash The 2008 Guam B-52 crash was a fatal crash of a United States Air Force (USAF) B-52H Stratofortress on 21 July 2008. The aircraft, operating out of Andersen Air Force Base, crashed into the Pacific Ocean during a training flight approximately northwest of Apra Harbor, Guam. The training flight was to include participation in a local municipal celebration of Liberation Day in Hagåtña. All six crew members aboard the aircraft were killed and the aircraft was destroyed. An investigation

neg: Kennedy Slide of 1962 Kennedy Slide of 1962 The Kennedy Slide of 1962, also known as the Flash Crash of 1962, is the term given to the stock market decline from December 1961 to June 1962 during the Presidential term of John F. Kennedy. After the market experienced decades of growth since the Wall Street Crash of 1929, the stock market peaked during the end of 1961 and plummeted during the first half of 1962. During this period, the S&P 500 declined 22.5%, and the stock market did not experience a stable recovery until after the end of the Cuban Missile Crisis. The Dow

neg: State housing for couples). For those earning more than the rate of NZ Super, rent is 25 percent on income up to the NZ Super rate, then 50 percent on income above this up to the property's market rent. The Fifth National Government, elected in 2008, has carried out a programme of incremental reforms of state housing. In 2011, in the Auckland suburb of Glen Innes Housing New Zealand began a redevelopment process of 156 state properties. The redevelopment when completed will leave 78 houses owned by Housing New Zealand and the rest sold privately. The redevelopment process has sparked over two

neg: Stock market and quickly spread around the world. By the end of October, stock markets in Hong Kong had fallen 45.5%, Australia 41.8%, Spain 31%, the United Kingdom 26.4%, the United States 22.68%, and Canada 22.5%. Black Monday itself was the largest one-day percentage decline in stock market history – the Dow Jones fell by 22.6% in a day. The names "Black Monday" and "Black Tuesday" are also used for October 28–29, 1929, which followed Terrible Thursday—the starting day of the stock market crash in 1929. The crash in 1987 raised some puzzles – main news and events did not predict the

neg: Pat Robertson terrorist attack on the United States. He added, "The Lord didn't say nuclear. But I do believe it will be something like that." When a terrorist attack failed to happen in 2007, Robertson said, in January 2008, "All I can think is that somehow the people of God prayed and God in his mercy spared us." On the January 2, 2008 episode of "The 700 Club", Pat Robertson predicted that 2008 would be a year of worldwide violence. He also predicted that a recession would occur in the United States that would be followed by a stock market crash by

neg: Chad Mureta investor. In 2006, Mureta started his own real estate agency in Myrtle Beach, South Carolina. During the height of the housing market crash, he often worked 18-hour days. In January 2009, Mureta was driving home from a basketball game when he hit a deer, causing his car to flip four times. The accident crushed and nearly severed his left arm. He underwent two major operations and spent 18 months recovering, accruing nearly $100,000 in hospital bills. While in the hospital, a friend gave Mureta a newspaper article about "app millionaires." Bedridden and unwilling to return to his real estate business,

neg: Rosario Candela the apartment buildings. Candela's greatest work would occur during the latter half of the 1920s, when he designed numerous apartment buildings on the Upper East Side, primarily on Fifth Avenue and Park Avenue, as well as at Sutton Place and other locations. In 1927 and 1928, Candela designed 19 apartment buildings, including 960 Fifth Avenue (at East 77th Street) and 720 Park Avenue (at East 70th Street). He had more commissions in 1929, but the housing boom had begun to slow prior to the stock market crash in October. Of 27 designs that year, only 12 were completed. These included

neg: Freddie Mac total investment may subsequently rise to as much as US$100 billion. Shares of Freddie Mac stock, however, plummeted to about one U.S. dollar on September 8, 2008, and dropped a further 50% on June 16, 2010, when the Federal Housing Finance Agency ordered the stocks delisted. In 2008, the yield on U.S Treasury securities rose in anticipation of increased U.S. federal debt. The housing market and economy eventually recovered making Freddie Mac profitable once again. For a comprehensive list of articles discussing Freddie Mac, see Bibliography of Fannie Mae and Freddie Mac. From 1938 to 1968, the Federal National Mortgage

neg: Bond insurance 2000s, leading up to the 2008 financial crisis. As the housing bubble grew in the mid-2000s, bond insurers generally increased the collateral protection required for RMBS. However, both the bond insurers and the rating agencies that evaluated their credit did not anticipate the collapse of the real estate market that precipitated the financial crisis and the magnitude of the disruption to the residential mortgage market that accompanied the financial crisis. In addition, following the crisis, the bond insurers became aware that many RMBS they had insured included large percentages of loans that were ineligible for securitization and were subject to

neg: Causes of the United States housing bubble has no zoning laws the Fed rate had no effect.) Between 2004 and 2006, the Fed raised interest rates 17 times, increasing them from 1% to 5.25%, before pausing. The Fed paused raising interest rates because of the concern that an accelerating downturn in the housing market could undermine the overall economy, just as the crash of the dot-com bubble in 2000 contributed to the subsequent recession. However, New York University economist Nouriel Roubini asserted that "The Fed should have tightened earlier to avoid a festering of the housing bubble early on." There was a great debate as to whether

neg: Med Jones main risks to the US economy. In March 2007, in a Reuters' Interview, he, again, said the impact of the subprime mortgages will not be limited to the housing sector, he warned about increased bankruptcies, stock market crash, and a loss of the confidence in the US economy. According to Reuters, “He said the bursting of the real estate bubble and high consumer debt were a major worry" and “if people started to think there may be a lot of bankruptcies (in the subprime lending market), then you’re going to see the stock market sell-off.” More importantly, he explicitly warned

neg: Housing Benefit because market rents in the city area of the county are considerably higher than those in the shire areas of the county. The House of Lords ruled against the concept of very large Broad Market Rental areas in the Heffernan case (R (Heffernan) v The Rent Service [2008] UKHL 58). The DWP re-introduced legislation to overturn this decision, restoring its intention to use very large broad market rental areas to draw down the cost of the scheme. Local Housing Allowance was introduced across all Local Authority areas on 7 April 2008. The legislation to enable the scheme is contained in

neg: 2008 Mexico City Learjet crash recover, it did not have sufficient altitude and crashed into a building, exploding on impact. The Interior Secretariat-owned Learjet 45 (registration XC-VMC) left Ponciano Arriaga International Airport in San Luis Potosí, S.L.P., and was short of landing at Mexico City International Airport when it crashed, amidst rush-hour traffic, in the heart of the financial district at approximately 18:45, causing an explosion that "reached higher than the buildings". According to then Secretary of Communications and Transport Luis Téllez, there were no survivors. Téllez also stated that the crash appeared to be an accident. The crash set multiple cars and a newsstand

neg: Paris Bourse crash of 1882 booming market for new securities and jumped into the forward market. Speculators also printed counterfeit money; they renewed their forward contracts in hopes for a continuous rise in prices. As the market grew, interest rates began to rise and lenders began demanding a premium – a warning that a collapse would occur because investors would repay their loans not wanting to pay this premium and not take out any loans from high interest rates.This could mean the bank lost a lot of money and did not get any more, causing it to be very overvalueated and crash. These events are

neg: Government intervention during the subprime mortgage crisis were financially solid, with sufficient capital to continue their businesses, but stock prices in both corporations dropped steadily nonetheless. Given their size and key role in the US housing market, it had long been speculated that the US Government would take action to bolster both companies in such a situation. On 30 July 2008, this speculation became reality when President Bush signed the Housing and Economic Recovery Act of 2008. While analysts disagreed on the financial need for such a bailout, the investor confidence provided by an explicit government show of support was likely needed in any case. On 5

neg: Community development district financial disclosure laws for CDD supervisors. All meetings and records must comply with the Florida Sunshine Law, and an annual audit is also required. As of 2012, Florida had over 600 CDDs with municipal bonds totalling $6.5 billion. Nearly three-quarters of them were established during the housing boom years between 2003 and 2008. The developer makes payments to the CDD for all properties in the district that they own. As long as new homes were selling, they had the money to cover that expense. When the bottom dropped out of the housing market in 2008, property sales in CDDs plummeted,

neg: Baltic states housing bubble 10.4%, 15.4% and 10.9%, respectively. Unemployment rate in Estonia, Latvia and Lithuania chalked up 5.5%, 9.9% and 5.8%, accordingly. Housing price in Estonia continued to decline in 2008, but magnified by a sharp crash in the fourth quarter of 2008. The official house price index for Estonia went down 14.4% (q-o-q % change) in the fourth quarter, down a total of 19.6% (y-o-y % change) in 2008. House price in Tallinn depreciated by 14.1% compared to 2007. Tartu and Pärnu, on the other hand, declined of 5.1% and 11.7% compared to 2007. House price in Latvia technically rebounded in the

neg: Housing segregation in the United States then inflate the cost of the property and extort the new African American home buyers. There is an existence of a dual housing market that results in unequal housing opportunities for different populations of people. The basis of the dual housing market model is that similar housing opportunities are available to different racial groups at different prices. There are many explanations for the existence of a dual housing market. One theory explains the dual housing market through racial steering. This occurs when real estate brokers steer their clients to specific geographic locations of available housing based on race. Although racial

neg: Concerns and controversies at the 2010 Winter Olympics not governed by the Charter, and finally, the Canadian Charter of Rights and Freedoms did not apply to VANOC, with the term, "In other words, VANOC is not under a duty to distribute equally what it has no power to provide." The athletes' village located at Southeast False Creek was originally planned to be a model sustainable community, with state-of-the-art energy efficiency provisions, and a mix of market and social housing, at one third market, one third social housing and one third subsidized middle income housing. The city of Vancouver would break even through the sale of market housing. However,

neg: Local Housing Allowance to 31 March 2017. All Housing Benefit decisions of a local authority are subject to appeal through the Tribunals Service. There is no direct right of appeal against the LHA rate awarded to an individual tenant, or the local rent level specified by the rent officer for the Broad Rental Market Areas. However, their decisions are open to judicial review and they have already been subject to challenge. Questions of fairness of the Local Housing Allowance system were raised when it was revealed in October 2008 that a family in the London borough of Ealing was receiving £150,000 a year

neg: Mike Aguirre Aguirre Morris & Severson. Aguirre also started the National Center for Regulatory Reform, which has issued extensive reports on the Market Crash of 2008. Following the resignation of Mayor Bob Filner in August 2013, Aguirre declared his intention to run in the special election for mayor to replace him. However, in the election held November 19, 2013 he came in a distant fourth with 4.44 percent of the vote and thus did not advance to the runoff election. In 2014, Aguirre represented a woman named Ruth Hendricks in challenging the $4.7 billion settlement deal for the failed San Onofre nuclear

neg: 1973–74 stock market crash level until May 1987 (only a few months before the Black Monday crash), whilst the United States didn't see the same level in real terms until August 1993, over twenty years after the 1973–74 crash began. The Hong Kong TVB series "The Greed of Man" storyline revolves around the market crash. 1973–74 stock market crash The 1973–74 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, it was one of the worst stock market downturns in modern history. The crash came after the

neg: Ramada Plaza JFK Hotel construct a new hotel on the airport property. A series of nearby airplane-crash incidents, the flights of which originated at the airport in the 1990s and 2000s, caused the hotel to be casually referred to as the "heartbreak hotel" when the facilities would be used as the temporary central housing and gathering place for family members of passengers and crew, as well as the media. The crash of TWA Flight 800 in 1996 originated the use of the hotel facilities for guest housing, bereavement-related services and news gathering for crash-incident-related purposes. Ying Chan, Jose Lambiet and Jere Hester of the

neg: Derker All of the mills have now been demolished either as a part of the housing market renewal scheme or converted into industrial units. In the 2000s, Derker had terraced houses "unsuited to modern needs" according to the Housing Market Renewal Initiative. This was opposed and legally challenged by local residents. who have lobbied Parliament to protest at the demolitions. The then local MP Phil Woolas opposed the demolitions. In 2008 the challenge was rejected, and plans to begin regeneration took place. However, with the switch to the Conservative government in 2010, the funding for the Housing Market Renewal Initiative ceased.

neg: Timeline of the Great Depression first few weeks had a limited direct effect on the broader economy, as only 16% of the U.S. population was invested in the market in any form. But thousands of investors and banks lost money when 10% of invested wealth was lost almost overnight, with prospect of further losses. The crash created uncertainty in people’s minds about the future of the economy. This distrust in future income reduced consumption expenditure. As demand for commodities decreased, so did their prices. However, many banks that had engaged in risky investments in the stock market, and/or had lent money to individuals engaged in

neg: Secondary banking crisis of 1973–75 Bank of England, led by Jasper Hollom, conducted negotiations resulting in bail-outs of around 30 of the smaller banks and intervened to assist some 30 others. While all of the banks were left able to pay depositors, the Bank of England lost an estimated £100 million. The downturn was exacerbated by the global 1973–1974 stock market crash, which hit the UK while it was already in the midst of the housing price crash. On 19 December 1974, a rent freeze by the Edward Heath government which had lasted since 1971 was ended, and the Bank of England, which had severely

neg: Affordable housing in Canada Affordable housing in Canada Affordability of housing in Canada presents a complex paradox. By 2004, 1.7 million Canadians had housing affordability issues, yet Canada is considered to be among the more affordable places to live, using market-oriented analyses of affordability such as those provided by the Royal Bank of Canada. Canadian government public policies intervene when affordability of housing is stressed to the point home ownership becomes inaccessible even to individuals with full-time employment. The continuum of affordable housing in Canada includes market (affordable rental housing, affordable home ownership), non-market (affordable rental housing, affordable home ownership), government-subsidized housing (emergency shelters,

neg: Miami the state of Florida, with the tallest being the Four Seasons Hotel & Tower. A housing market crash in 2007 caused a foreclosure crisis in the area. In 2012, "Forbes" magazine named Miami the most miserable city in the United States because of a crippling housing crisis that has cost multitudes of residents their homes and jobs. The metro area has one of the highest violent crime rates in the country and workers face lengthy daily commutes. Like other metro areas in the United States, crime in Miami is localized to specific neighborhoods. In a 2016 study by the website

neg: Clarence Barber professional interests included macroeconomic theory, international economics, and monetary theory.. Barber's best known theoretical contribution was his formulation of the concept of the effective rate of protection. Effects of the Great Depression in his youth motivated Barber to study economics . In 1978, Barber wrote ""On the Causes of the Great Depression"" where he made a link between demographics and economics. He cited how demand for housing in the U.S. began to drop beginning in 1926. Early in 1929, demand for housing dropped precipitously. The stock market crash in October of that same year was preceded by a decline in

neg: Global News minutes, with this additional half-hour airing across its other owned-and-operated stations; prior to this, Global did not air a national morning show. In addition, the network's owned-and-operated stations in select markets produce their own local morning shows (see below); stations which do not produce a local morning show either air the morning show from a larger market, or run daytime programming repeated from Shaw Media's cable specialty channels, such as "Crash Test Mommy" and "The Mom Show". Global launched its first investigative newsmagazine series on November 30, 2008. The weekly program, titled "16x9 - The Bigger Picture", features a high-gloss,

neg: Marcos Ambrose behind the bumper of a lapped Boris Said. Ambrose's crew chief Gary Cogswell ordered Ambrose to not pass Said believing that Said still had a grudge against them after Mexico City. The fans, Ambrose, his team and among other NASCAR drivers were surprised when Boris Said did not commit his revenge before Ambrose later won the race. To this day Said has not explained why he did not crash Ambrose when he had a good chance and it still remains unknown why Said did not perform his revenge. Prior to the 2008 season, Wood Brothers Racing and JTG Racing split

neg: Margin (finance) shares would be sold. Since many individuals did not have the equity to cover their margin positions, their shares were sold, causing further market declines and further margin calls. This was one of the major contributing factors which led to the Stock Market Crash of 1929, which in turn contributed to the Great Depression. However, as reported in Peter Rappoport and Eugene N. White's 1994 paper published in "The American Economic Review", "Was the Crash of 1929 Expected", all sources indicate that beginning in either late 1928 or early 1929, "margin requirements began to rise to historic new levels. The

neg: Hennadiy Zubko in 2007. The main priority of the Ministry of Regional Development, Construction and Housing is the conduction of reforms on decentralization and energy efficiency. During the year of implementing these reforms, a significant breakthrough was made, including the adopting of a number of legislative acts, introduction of new programs and their funding. Also, the Ministry is responsible for the construction reform and introduction of market relations in the housing sector to provide consumers with quality services. Hennadiy Zubko headed the government commission on investigating the MH17 catastrophe and the special commission on investigating causes of the crash of the ship

neg: Real estate bubble Real estate bubble A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets, and typically follow a land boom. A land boom is the rapid increase in the market price of real property such as housing until they reach unsustainable levels and then decline. This period, during the run up to the crash, is also known as froth. The questions of whether real estate bubbles can be identified and prevented, and whether they have broader macroeconomic significance, are answered differently by

neg: 2008 Mexico City Learjet crash 2008 Mexico City Learjet crash An official Mexican Interior Ministry aircraft crashed in central Mexico City at around 18:45 local time on 4 November 2008. The nine people on board, including the Mexican Secretary of the Interior Juan Camilo Mouriño, were killed in the crash, along with seven people on the ground. The plane crashed in rush-hour traffic close to the intersection of Paseo de la Reforma and the Anillo Periférico, in the Las Lomas residential and business district. It entered wake turbulence from following a Boeing 767 too closely and plummeted to the ground below. Although the plane did

neg: 2010 Flash Crash after the Flash Crash, sharply critical of what they perceived to be the SEC's apparent lack of action to prevent a recurrence. In 2011 high-frequency traders moved away from the stock market as there had been lower volatility and volume. The combined average daily trading volume in the New York Stock Exchange and Nasdaq Stock Market in the first four months of 2011 fell 15% from 2010, to an average of 6.3 billion shares a day. Trading activities declined throughout 2011, with April's daily average of 5.8 billion shares marking the lowest month since May 2008. Sharp movements in stock