Book contents
- The Financial Crisis of 2008
- Studies in Macroeconomic History
- The Financial Crisis of 2008
- Copyright page
- Dedication
- Contents
- Introduction
- 1 The Heritage of the Hi-Tech Bubble 2000–2004
- 2 The Stretch for Higher Returns 2004–2006
- 3 The Impending Storm – 2007
- 4 The Crisis – 2008
- 5 What Caused the Crisis?
- 6 The Initial Obama Administration 2009
- 7 Recovery 2010–2012
- 8 Epilogue 2012–2016
- Acknowledgments
- Charts
- Tables
- Acronyms
- Bibliography
- Index
- Studies in Macroeconomic History
- Plate Section
3 - The Impending Storm – 2007
Published online by Cambridge University Press: 07 October 2021
Book contents
- The Financial Crisis of 2008
- Studies in Macroeconomic History
- The Financial Crisis of 2008
- Copyright page
- Dedication
- Contents
- Introduction
- 1 The Heritage of the Hi-Tech Bubble 2000–2004
- 2 The Stretch for Higher Returns 2004–2006
- 3 The Impending Storm – 2007
- 4 The Crisis – 2008
- 5 What Caused the Crisis?
- 6 The Initial Obama Administration 2009
- 7 Recovery 2010–2012
- 8 Epilogue 2012–2016
- Acknowledgments
- Charts
- Tables
- Acronyms
- Bibliography
- Index
- Studies in Macroeconomic History
- Plate Section
Summary
Housing and the economy began to show obvious problems in the second half of 2007. Housing prices nationally leveled off after their 45% run from 2002 and declined 11–14% in the high growth areas of Los Angeles, Phoenix, and Las Vegas. While Miami declined just 5% in 2007, six months later it was down 24%. New home sales in 2007 dropped 50% from 2005. In California, housing starts fell by two-thirds from 2005.
- Type
- Chapter
- Information
- The Financial Crisis of 2008A History of US Financial Markets 2000–2012, pp. 116 - 153Publisher: Cambridge University PressPrint publication year: 2021