Subprime borrowers did not cause the U.S. housing boom from 2002-2006. In fact, as house prices went up, fewer subprime borrowers got mortgages. This suggests that subprime borrowers were not driving up house prices. Also, higher house prices made it harder for subprime individuals to buy their first home. Subprime borrowers were not the main reason for the housing boom's speculative activity or fraud. Overall, it seems like subprime borrowers were actually priced out of the booming housing markets, rather than causing the boom.