More of Subprime
People who took installment loans with bad credit history from lenders who were so reckless to give them a loan in the first place cannot pay them back. There are huge losses by everyone. There are homes to be vacated because of this and the problem on top of this is that the rates of real estate has crashed along with this.
The big problem to add with this situation is rents for staying have not dropped. So all problems have added up and resulted in this huge crisis which is leading the United states into a recession.
Due to this recession, the global markets be it financial or realty have also started taking a hit.