Timeline of the United States housing bubble
Housing prices peaked in early 2005, began declining in 2006 (see also United States housing market correction). 2007. Year-to-year decreases in both U.S. home sales and home prices accelerates rather than slowing, with U.S. Treasury secretary Paulson calling "the housing decline ... the most significant risk to our economy." Home sales continue to fall. The decrease in existing-home sales is the steepest since 1989. In Q1/2007, S&P/Case-Shiller house price index records first year-over-year decline in nationwide house prices since 1991. The subprime mortgage industry collapses, foreclosure activity  increases and rising interest rates threaten to depress prices further as problems in the subprime markets spread to the near-prime and prime mortgage markets. 2008. Home sales continue to fall. Fears of a U.S. recession. Global stock market corrections and volatility. 2009. April 2, the mark to market method of valuing mortgage backed securities were abolished improving confidence in the asset class and trust between banks.