Thus, the overall effect of the foreclosure wave, especially when concentrated in lower-income and minority areas, is broader than its effects on individual homeowners. A strengthening housing market will help to gradually undo that damage, but the process has only begun. Homeownership rates have also declined because fewer households have chosen, or have been able, to become new homeowners in recent years.
In addition, it also employed a range of unconventional tools – such as fixed-rate full-allotment at the weekly tenders, longer-term refinancing operations. BIS central bankers’ speeches  1  3. The third phase extends from end-2009 to mid-2011. As the macroeconomy rebounded and financial market conditions improved in late 2009, the ECB started a gradual exit from its unconventional measures.