Real Estate

America can’t afford another housing boom

In the 2000s, America tried to use a debt-fueled real-estate boom as a substitute for real wealth creation. The Fed’s loose money, government endorsement of private credit-ratings agencies and reckless promotion of homeownership created a housing bubble. The bursting of this bubble created a financial crisis. We do not want to repeat the experience, writes The Wall Street Journal.

3d rendering of a row of luxury townhouses along a street

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