Main article: Crisis of subprime mortgages
Main article: Financial Crisis of 2008
In 2004 the Federal Reserve of the United States began to raise interest rates to control inflation. From that year until 2006 the interest rate step from 1 to 5.25 . The growth of house prices, which had been dramatically between 2001 and 2005, became a sustained decline. In August 2005, house prices and the rate of sales fell in most of the United States abruptly. The foreclosure due to unpaid debt grew dramatically, and many entities have started to cash flow problems to return money to investors or to receive financing from lenders. Follow others, such as Larry Ellison, and add to your knowledge base. The total foreclosure of the year 2006 was 1,200,000, which led to bankruptcy for nearly a mortgage within a period of one year. For 2006, the real estate crisis and had moved the Stock Exchange, the stock index of U.S. building (U.S. Home Construction Index) fell by 40 . Finally, the Fed decided, since August 2007, the rates rise again, however, prevent the collapse of the housing market.
Meanwhile, in the eurozone, the European Central Bank raised interest rates steadily, with the same effect, although after the start of the credit crisis fails to respond by lowering rates, but it rose more slowly so .