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Other economic effects PDF Print E-mail
Written by Egypt News   
Thursday, 09 October 2008
The subprime crisis had a series of other economic effects. Housing price declines left consumers with less wealth, which placed downward pressure on consumptionGlobal Financial Crisis

Certain minority groups received a higher proportion of subprime loans and experienced a disproportional level of foreclosures. Home related crimes including arson increased.
Job losses in the financial sector were significant, with over 65,400 jobs lost in the United States as of September 2008.
Many renters became innocent victims, often evicted from their homes without notice due to foreclosure of their landlord's property. In October 2008, Tom Dart, the elected Sheriff of Cook County, Illinois, criticized mortgage companies for their actions, and announced that he was suspending all foreclosure evictions.
The sudden lack of credit is also hurting car sales. Ford sales in October 2008 were down 33.8% from a year ago, General Motors sales were down 15.6%, and Toyota sales had declined 32.3%. One in five car dealerships are expected to close in Fall of 2008.

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