Correlation Between Macroeconomics and the Mortgage Industry.
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With the Nation in recession, lower interest rates provoke the American population to buy and refinance homes across the country. On the other hand, there may be more mortgage payment default (foreclosures) due to the economic misfortune some people encounter. Much attention has been turned to the housing domain.
Over 67% of Americans own their homes. Housing has always been an important sector in the US economy. In 2000, the housing sector as a whole contributed $1.2 trillion to the Gross Domestic Product, or 12.1% of the U.S. economy. Home ownership creates jobs and national wealth…
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