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United States Housing Bubbles - The United States housing bubble was an economic bubble affecting many parts of the United States housing market, including areas of California, Florida, Nevada, Arizona, Oregon, Colorado, Michigan, the Northeast megalopolis, and the Southwest markets. At the national level, housing prices peaked in early 2005, started to decline in 2006, and may not yet have hit bottom. On December 30, 2008 the Case-Shiller home price index reported its largest price drop in its history.
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Real Estate Housing Bubbles - Housing bubbles may occur in local or global real estate markets. In their late stages, they are typically characterized by rapid increases in the valuations of real property until unsustainable levels are reached relative to incomes, price-to-rent ratios, and other economic indicators of affordability.
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Local Real Estate Housing Bubbles - Home price appreciation has been non-uniform to such an extent that some economists, including former Fed Chairman Alan Greenspan, have argued that United States was not experiencing a nationwide housing bubble per se, but a number of local bubbles.
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U.S. Housing Bubble 1997 2005 - The unprecedented increase in house prices between 1997 and 2005 produced numerous wide-ranging effects in the economy of the United States.
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Subprime Mortgage Collapse - Subprime mortgage crisis
In March 2007, the United States' sub-prime mortgage industry collapsed due to higher-than-expected home foreclosure rates, with more than 25 sub-prime lenders declaring bankruptcy, announcing significant losses, or putting themselves up for sale.
The stock of the country's largest sub-prime lender, New Century Financial, plunged 84% amid Justice Department investigations, before ultimately filing for Chapter 11 bankruptcy on April 2, 2007 with liabilities exceeding $100 million.
The manager of the world's largest bond fund, PIMCO, warned in June 2007 that the sub-prime mortgage crisis was not an isolated event and would eventually take a toll on the economy and ultimately have an impact in the form of impaired home prices. Bill Gross, a "most reputable financial guru", sarcastically and ominously criticized the credit ratings of the mortgage-based CDOs now facing collapse:
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