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S25183 Credit Crunch (FrancineH 245)
The U.S. has been in a credit crunch for a while now, and that has impacted everything from home sales to student loans. Lenders are being very strict about whom they'll loan money to, and even people with strong FICO scores are jumping through hoops to get approved for mortgages and other loans. While many people in the U.S. have been able to qualify for credit cards, mortgages, and other types of financing with little fanfare in the past, much of that credit has dried up.
The U.S. is in a credit crunch partly due to the fact that many people took out subprime mortgages that had terms like 100 percent financing. A lot of these loans help people buy more home than they could actually afford, and now they're having trouble making their monthly payments.
People also used their homes as piggybanks to pay for everything from home improvements to college tuition, and as housing values have dropped many of them are left with little or no home equity. In some places, homeowners are even finding themselves with negative equity because of declining home values. According to the New York Times, U.S. households owed about $1.1 trillion on home equity loans in March 2008.
The credit crunch has also resulted in record levels of foreclosures. In June 2008, the number of foreclosure filings rose 53 percent from a year earlier, according to RealtyTrac. California, Nevada, Arizona, and Florida are the states with the highest foreclosure rates.
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