In the past decades, America was considered to be the paradise that people aspired to live in. To become an American citizen and find the “American Dream” was the dream of many in the world.
However, is today’s America still the paradise in many people’s dream?
In September 2008, the sub-prime mortgage crisis in America led to a global financial tsunami.
It swept across the entire real estate market and enterprises in the country. As a result, the US Federal Government took over the two largest home loan mortgage corporations in the entire America, Fannie Mae and Freddie Mac.
The excess supply of the housing estate caused the price of the surrounding housing estates to drop. A lot of Americans lost their houses that were brought by bank mortgage because of this crisis.
Also, a large amount of repossessed properties was sold in the market by the banks because of this crisis.
The oversupply of houses resulted in a deep dip of the neighborhood’s housing market. Furthermore, a large amount of Americans lost their mortgaged houses because of the oversweeping crisis.
Nowadays Tent Cities are starting to emerge in America. For those who cannot afford buying or renting a house, they create their own communities by setting up a tent in vacant land.
Ann Arbor, Michigan;
Chattanooga, Nashville, Tennessee;
Sierra Vista, Arizona;
Providence, Rhode Island;
San Diego, California;
Lakewood, New Jersey;