Click on the links on the right to answer the following questions.
Click on Link 1 and read about home foreclosures during the Great Recession. Then answer the following questions. Which of the following states were mentioned as being among the hardest hit by the recent housing downturn?
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True or False: Even though they did not have huge housing price increases, Ohio and Michigan were hit hard by the recent housing downturn.
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True or False: The recent housing cycle was much more universal than previous housing cycles, which were more regional.
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| B. |
Read about the aftermath of the Great Recession in Link 2 and answer the following questions. True or False: Housing prices peaked in the beginning of 2005.
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| B. |
Use Link 3 to answer the following question on mortgage rate fluctuations. True or False: Changes in economic growth can cause mortgage rates to fluctuate.
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Use Link 4 to answer the following question. True or False: A low mortgage rate puts money back into the pockets of consumers by allowing consumers to refinance their homes, and it also encourages moving in general.
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Suppose your mortgage rate decreases. What types of normal goods are you most likely to purchase as a result of the income effect? Discuss.
Use Link 5 to find the current mortgage rate for a 30-
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