Microeconomics – Week #3 Assignment
Housing Collapse Paper
After reading Special Topic 5, The Great Recession of 2008–2009: Causes and Response, write a 2-page paper answering the following:
Why did housing prices rise rapidly during 2002 – 2005?
Why did the mortgage default rate increase so sharply during 2006 and 2007 even before the 2008 – 2009 recession began?
What did the Community Reinvestment Act have to do with the housing bubble and collapse?
Cite your sources as needed. Use APA formatting.
