Another thing that was precipitated by the housing bubble bursting was the mortgage industry being blamed. Not that it wasn't, in large degree their doing because of some questionable practices on their part, but the subprime market totally failed. This however, was due in large part to the Clinton then Bush administration easing mortgage requirements to the point one barely qualified for a mortgage. The philosophy here was that home ownership strengthened communities. This was true, of course, until the homes went vacant after foreclosure.