What were the effects of the drop in housing prices in the late 2000s?Check all of the boxes that apply.

When housing prices fell, many homeowners owed more on their mortgages than their homes were worth, making it harder for some to keep up with payments. Mortgage defaults caused major losses for banks around the world, and those losses helped damage the broader economy. Banks did not make larger profits from selling millions of houses; the housing crash created heavy losses.

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