A period during which business activity drops significantly. High unemployment rates and deflation often accompany a depression.

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A lot of businesses owners experience times when business has its ups and downs during difficult times of its depression.

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The financial crisis of 2008 initiated a housing depression because the market was saturated with homes and unqualified buyers, which led to job loss and home prices which decreased substantially.

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During 2007, most banks went through a depression. They had too much of their assets locked up in risky assets and signficantly had to cut a number of employees, or some went out of business.

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financial crisis collapse