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The United States housing bubble is an economic bubble affecting many parts of the United States housing market, including areas of California, Florida, Nevada, Arizona, Colorado, Michigan, Utah , Idaho, Connecticut, Illinois, Ohio, Georgia, Indiana, Virginia, Maryland, Oregon, Rhode Island, New Jersey, Tennessee, Arkansas, New Hampshire, Massachusetts and Hawaii. The housing prices peaked in early 2005, started to decline in 2006 and 2007, and may not yet have hit bottom. On December 30, 2008 the Case-Shiller home price index reported its largest price drop in its history.[1] Increased foreclosure rates in 2006–2007 among U.S. 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.[2] In October 2007, the U.S. Secretary of the Treasury called the bursting housing bubble "the most significant risk to our economy."