What Happened In 2008?

In 2008, the United States underwent a subprime mortgage crisis. This crisis occurred despite Federal Reserve and Treasury Department efforts to prevent it. During the crisis, housing prices fell 31.8-percent; more than housing prices fell during the Great Depression. The 2008 mortgage crisis is widely considered the worst economic disaster in the United States since the Great Depression of 1929, and this crisis led to the Great Recession.