The correct answer is: American housing prices dropped.
The financial crisis of 2008 was caused by the collapse of the housing bubble in the United States in 2006, which caused the subprime mortgage crisis in October 2007.
The repercussions of the mortgage crisis began in an extremely serious way since the beginning of 2008, resulting in a deep liquidity crisis, and indirectly causing other economic phenomena, such as a global food crisis, different stock market collapses, in conclusion, an economic crisis on an international scale.