The United States housing bubble is an economic bubble affecting many parts of the United States housing market in over half of American states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2012.[1] On December 30, 2008 the Case-Shiller home price index reported its largest price drop in its history.Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets.[3] In October 2007, the U.S. Secretary of the Treasury called the bursting housing bubble "the most significant risk to our economy.
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