The Housing Crisis that Never Went Away
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 27 December 2018
⏱️ 17 minutes
🧾️ Download transcript
Summary
The property market in some US cities has still not recovered from the 2008 meltdown, while others may be seeing the return of risky subprime lending.
Vishala Sri-Pathma travels to Slavic Village in Cleveland, Ohio, which became a by-word for the mass repossessions that followed the bursting of the housing bubble a decade ago. In the nearby Mount Pleasant neighbourhood, where property prices remain 70% below their peak and many houses are still boarded up, Anita Gardner has set up a community group to help residents with housing problems.
Meanwhile on the other side of the nation, Austin in Texas is the fastest growing city in the US, thanks to an oil and tech boom. But Edward Pinto of the American Enterprise Institute explains why there are fears that the loosely regulated federal housing loans that are fuelling this boom could be the next subprime crisis in the making.
(Picture: A resident walks past a boarded up building in the Mount Pleasant neighbourhood in Cleveland, Ohio; Credit: Timothy A Clary/AFP/Getty Images)
Transcript
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| 0:00.0 | Hello, I'm Vashala Sripathma and welcome to Business Daily from the BBC. |
| 0:06.3 | Coming up, 10 years ago, the world shook. |
| 0:09.6 | A financial earthquake triggered one of the deepest economic crises the globe has ever seen. |
| 0:15.7 | Economies around the world were tinkering around the edge of collapse. |
| 0:20.3 | The cause was the US housing market. |
| 0:23.2 | I go back to the place that many called the epicenter of the financial crisis, |
| 0:27.7 | Cleveland, Ohio, to see what's changed a decade on. Now we're seeing property values in the mid-80s |
| 0:34.9 | into the $90,000 range, where four years ago, when we started this program, |
| 0:41.6 | we were very fortunate to get $50,000. |
| 0:44.4 | And with the U.S. economy back on its feet again, I take a look at whether the green |
| 0:49.4 | shoots of recovery could be under threat. |
| 0:52.8 | Everybody saying, oh, well, it's over. |
| 0:55.3 | It is not over. |
| 0:57.3 | You need to come here and see what over looks like. |
| 1:01.7 | And if this is over, we're in serious trouble. |
| 1:06.1 | That's all coming up in Business Daily. |
| 1:12.5 | It's Tuesday afternoon. |
| 1:14.2 | It's pretty deserted here in Slavic Village. |
| 1:18.1 | I'm on the main Broadway, and opposite the road is a diner, which appears to be open. |
| 1:24.5 | It has a huge sign on the door that says no firearms. This town is known for its |
| 1:31.0 | large Polish community that settled here in the late 1800s. But many people will know this place |
| 1:38.6 | from the financial crisis of 2008. This town is often described as the epicenter that triggered it. |
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