Special issue: The effect of the housing crisis on state and local government finances

摘要

After nearly two decades of steady growth and five years of spectacular appreciation rates, house prices fell dramatically at the end of 2007 in the United States and much of the world. The housing crisis led to remarkable foreclosure rates and a decline in wealth that has affected nearly every household in the country. Though in the past several regions of the United States have witnessed sharp declines in home prices, the current housing crisis is unique in that every area of the country has shared in the downturn.