This can be seen in the building cost index in Fig. Land prices contributed much more to the price increases than did structures. Because of the large market share of Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (both of which are government-sponsored enterprises) as well as the Federal Housing Administration, they received a substantial share of government support, even though their mortgages were more conservatively underwritten and actually performed better than those of the private sector. This was shared between the public sector and the private sector. In 2008 alone, the United States government allocated over $900 billion to special loans and rescues related to the U.S. housing market for homeowners who were unable to pay their mortgage debts. Bush and the Chairman of the Federal Reserve Ben Bernanke to announce a limited bailout of the U.S. Concerns about the impact of the collapsing housing and credit markets on the larger U.S. housing bubble has a direct impact not only on home valuations, but mortgage markets, home builders, real estate, home supply retail outlets, Wall Street hedge funds held by large institutional investors, and foreign banks, increasing the risk of a nationwide recession. Secretary of the Treasury, called the bursting housing bubble "the most significant risk to our economy". 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. Increased foreclosure rates in 2006–2007 among U.S. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States. On December 30, 2008, the Case–Shiller home price index reported its largest price drop in its history. Housing prices peaked in early 2006, started to decline in 20, and reached new lows in 2011. It was the impetus for the subprime mortgage crisis. The 2000s United States housing bubble was a real-estate bubble affecting over half of the U.S.
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