Most of the media has reminded us that on August 9, 2007, BNP Paribas announced it was having problems calculating a reliable net asset value for three mutual funds. So the bank suspended redemptions. The most commonly held view is that this was the beginning – not the origin – of the crisis.
US property prices
Benjamin Cole | The last time commercial property prices topped out was July of 2007. House prices appear to be rising still, though at a slower rate by various indices. On a per-square-foot basis, house prices in the U.S. have not budged since May of last year. That could be important, suggesting that houses now selling are larger, and the middle-class is dropping out of the market.