The credit crunch, interrelations between (in)stability of housing markets and the general economy: setting the scene

摘要

The most important development determining current housing-market and housing policies worldwide is the credit crunch. When the problems exploded on US mortgage markets, a banking crisis started in the US and later in other parts of the world. From a scientific viewpoint there is insufficient knowledge about the relation between an economic crisis (in particular a credit crunch) and national housing systems.