User: Brian Ripley: U.S. Housing: Aggregate Loan to Value Ratios 1910-2010

Aggregate Loan to Value Ratios 1910-2010

When prices stop rising, the boom collapses and because there has been no increase in business investment other than supplying the housing trade, unemployment goes up and spending and tax collection goes down. Then the boring business of converting debt into equity unfolds by the long process of debt repayment amortized over decades or the short process of liquidation. 
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