While the U.S. housing market has been essentially frozen for more than two years, with sales of single homes now down to a 3.98 million annual rate ("normal” was once well over 5 million), average and median home and condo prices have been falling in Texas, Florida, California, and now New York State, four very large markets. This applies both to listing prices, and sale prices. What could happen next, was shown by 2007–08, when the housing market was not frozen in this way, but prices fell for 18 months, and then mortgages and mortgage bonds crashed into the so-called Global Financial Crisis.