The collapse of the U.S. housing market and the resulting Great Recess

QUESTION

The collapse of the U.S. housing market and the resulting Great Recession of 2007-2009 produced significant shifts in Americans’ living situations and attitudes about home ownership.

Home builders, furniture stores, and appliance manufacturers all adjusted business strategies in response to what main factor?
What will be an ideal response?

ANSWER

Answer: The Great Recession represented a significant social change in the buying power of individuals throughout the economy.
Explanation: Homeownership rates dropped during this period, and many Americans no longer believe that owning a home provides financial security. These profound social changes impact any business that serves the housing market.