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Published online by Cambridge University Press: 07 October 2021
Housing problems escalated in the first half of 2008. The decline in prices that began in 2007 accelerated to over 5% nationally in mid-2008 (Chart 4.1). Housing prices in the exuberant markets of Los Angeles, Las Vegas, Miami, and Phoenix dropped 20–30% (Chart 4.2). The ABX AAA 2006–2 index (for subprime mortgages originated in the first half of 2006) was down 20% and ABX AAA 2007–2 (mortgages originated in the first half of 2007) was down 60% (Chart 4.3).
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