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Line 1: − + − A housing may also refer to a cover for a piece of [[machinery]], a [[recess]] for a [[statue]] or a carved [[space]] in [[wood]] designed to be the [[recipient]] of another piece of [[timber]]. − − As a verb, housing is the act of providing a house for someone or something. Line 12:
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'''Housing''' refers not only to any [[individual]] [[shelter]] or [[house]] but also to houses collectively. In the [[United Kingdom]] the department of [[government]] that is concerned with the nation's houses is known as the "Ministry of Housing".
'''Housing''' refers not only to any [[house]] but also to houses collectively. In the [[United Kingdom]] the department of government that is concerned with the nation's houses is known as the "Ministry of Housing".
==Bubble bursts==
==Bubble bursts==
Housing prices in parts of the U.S. (especially California and Florida), as well as parts of Europe (such as Ireland) escalated rapidly 2001-2006, then crashed, helping to bring on the [[Financial Crisis of 2008]]
Housing prices in parts of the U.S. (especially California and Florida), as well as parts of Europe (such as Ireland) escalated rapidly 2001-2006, then crashed, helping to bring on the [[Financial Crisis of 2008]]
The problem was that no one could figure out what CDOs were now worth, so very few were willing to buy them. One major investment bank, Merrill Lynch, sold its CDOs for 22 cents on the dollar--a "[[fire sale]]" price that was less than they were worth in the long run, because in the long run the great majority of people will make their scheduled mortgage payments.
The problem was that no one could figure out what CDOs were now worth, so very few were willing to buy them. One major investment bank, Merrill Lynch, sold its CDOs for 22 cents on the dollar--a "[[fire sale]]" price that was less than they were worth in the long run, because in the long run the great majority of people will make their scheduled mortgage payments.
As the [[Recession of 2008]] continues into late 2009, the housing industry is far from recovery.
[[Category:Finance]]
[[Category:Finance]]
[[Category:Housing]]
[[Category:Housing]]