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3 - The Impending Storm – 2007

Published online by Cambridge University Press:  07 October 2021

Barrie A. Wigmore
Barrie A. Wigmore
Affiliation:
Retired Partner, Goldman Sachs
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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.

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The Financial Crisis of 2008
A History of US Financial Markets 2000–2012
 , pp. 116 - 153
Publisher: Cambridge University Press
Print publication year: 2021

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