Author’s Note: Alex Schwartz, PhD, is an Associate Professor and Chair of the graduate program in Urban Policy Analysis and Management at the Milano School of International Affairs, Management and Urban Policy. Please address correspondence to Alex Schwartz, School of International Affairs, Management, and Urban Policy, The New School, 72 Fifth Avenue, Room 505, New York, NY 10011; e-mail: email@example.com.
Lessons from the Housing Crisis
Article first published online: 19 SEP 2011
© 2011 American Association of Family and Consumer Sciences
Family and Consumer Sciences Research Journal
Volume 40, Issue 1, pages 3–14, September 2011
How to Cite
Schwartz, A. (2011), Lessons from the Housing Crisis. Family and Consumer Sciences Research Journal, 40: 3–14. doi: 10.1111/j.1552-3934.2011.02084.x
- Issue published online: 19 SEP 2011
- Article first published online: 19 SEP 2011
- housing crisis;
- mortgage crisis;
- financial crisis;
- Great Recession;
- housing policy
Public discourse on the causes and consequences of the housing crisis, and the appropriate policy responses, has been ideological and partisan. The collapse of the housing bubble in 2007 and the subsequent financial crisis and deep recession could and should have prompted the nation to reconsider many core assumptions about the role of the market in the housing finance system and about the value of homeownership, among many other questions, however, this was not to be. In this essay I draw some lessons from the crisis, both for public policy and for education. To frame the discussion, I first sketch out the state of the nation’s housing and mortgage markets as of the spring of 2011, and review the actions that the federal government has taken to date to address the crisis and revive the housing market.