Housing Bubble
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Other housing bubble articles and publications
The following articles and publications deal with the real estate market, and the housing bubble in particular, in greater depth than news items. They also examine the market in relation to the wider economy, while some investigate house prices as both causes and symptoms of social, economic and demographic trends.
Some files are in PDF format
Our Worst Nightmare: The Puncture of the Current U.S. Housing Bubble
Lorimer Wilson January 2006
Proposes that the Fed is so concerned about bursting of the housing bubble that it is flooding the economy with liquidity.
Florida Housing : Blueprint for success?
Federal Feserve Bank of Atlanta November 2005
A number of geographic, economic, and demographic factors have sent Florida’s property values spiraling upward, creating a dynamic housing market. But can this brisk pace continue?
Will a Bursting Bubble Trouble Bernanke?: The Evidence for a Housing Bubble PDF file
Center for Economic and Policy Research November 2005
Recent trends in the housing market suggest a dangerous housing bubble, rather than a run-up caused by fundamental factors such as higher incomes and population growth, according to a new study by the Center for Economic and Policy Research. Evidence for a Housing Bubble press release
The State of the Nation's Housing 2005
The Joint Center for Housing Studies, Harvard University
A comprehensive examination of current economic and social trends affecting the future of housing in America. PDF downloadable as single file or by chapter.
The State of the Nations Housing 2003 PDF file
The Joint Center for Housing Studies, Harvard University
A comprehensive examination of current economic and social trends affecting the future of housing in America.
Home Values: 2000 PDF file
US Census Bureau May 29 2003
Data on median home values in the United States, including regions, states, counties, and places with populations of 100,000 or more.
Mortgage Refinancing in 2001 and Early 2002
Article from the Federal Reserve Bulletin examining refinancing,ways in which homeowners used the funds and estimates of the effects of recent refinancing on the U.S. economy.
Separate and Unequal - Predatory Lending in America
ACORN November 27 2002
Presentation and analysis of data on predatory lending practices in refinancing and home buying. Wider economic effects and the role of such practices in social exclusion are also discussed.
Lies, Damn Lies, & MLS Statistics
An article by Paul Hill, independent broker, on how MLS statistics can be used to misrepresent the true nature of local real estate markets.
Determinants of Real House Price Dynamics
Dennis R. Capozza, Patric H. Hendershott, Charlotte Mack, Christopher J. Mayer.
National Bureau Of Economic Research October 2002
Statistical techniques are used to explore the dynamics of real house prices.
The Benefits of the Home Mortgage Interest Deduction
Edward L. Glaeser, Jesse M. Shapiro
National Bureau Of Economic Research October 2002
Investigates the effectiveness of home mortgage interest deduction as an instrument for encouraging homeownership
The Role of Housing as a Component of Household Wealth PDF file
Zhu Xiao Di, Joint Center for Housing Studies Harvard University
This paper examines various roles housing plays as a component of household wealth and explores how housing affects the distribution of total household wealth.
New Americans, New Homeowners: The Role and Relevance of Foreign-Born First-Time Homebuyers in the US Housing Market PDF file
Rachel Bogardus Drew, Joint Center for Housing Studies Harvard University. August 2002
Analysis of the differences between the demographic, geographic, housing and financial characteristics of native and foreign-born first-time homebuyers since 1997, using the 2001 American Housing Survey
The Run-Up in Home Prices : Is It Real or Is It Another Bubble?
Center for Economic and Policy Research, August 5 2002
A paper by Dean Baker which examines whether the increase in home prices can be grounded in fundamental economic factors, or whether it is simply a bubble, similar to the stock market bubble.
When Should Borrowers Refinance Their Mortgage? PDF file
Sumit Agarwal, John C. Driscoll, David I. Laibson
National Bureau Of Economic Research, Summer Institute 2002
Develops a pricing model of a mortgage holders refinancing behavior.
Optimal Valuation of Claims on Noisy Real Assets: Theory and an Application PDF file
Paul D. Childs, Steven H. Ott, Timothy J. Riddiough
National Bureau Of Economic Research, Summer Institute 2002
A theory for valuing claims on noisy real assets is developed and applied.
Market Distortions when Agents are Better Informed: A Theoretical and Empirical Exploration of the Value of Information in Real Estate Transactions PDF file
Steven D. Levitt, Chad Syverson
National Bureau Of Economic Research, Summer Institute 2002
Empirical estimate of the extent to which real estate agents informational advantage is used to convince the homeowners they represent to sell their houses too cheaply and too quickly.
'Fannie and Freddie Were Lenders': US Real Estate Bubble Nears Its End
Executive Intelligence Review, June 2002
An article by Richard Freeman which proposes that the US financial system is now "dependent to an unprecedented degree upon one prop: the greatest housing-real estate bubble in human history."
The State of the Nations Housing 2002 PDF file
The Joint Center for Housing Studies, Harvard University
A comprehensive examination of current economic and social trends affecting the future of housing in America.
Bubbles in Real Estate Markets PDF file
Richard Herring, Susan Wachter, University of Pennsylvania, March 2002
Examines the correlation between real estate bubbles and banking crises. Considers the consequences for the real economy.
This Market is Not a Bubble
Nicolas P. Retsinas, The Joint Center for Housing Studies, Harvard University December 2002
A short article reprinted from The Los Angeles Times proposing that current home price inflation is not an example of an asset bubble even though home price appreciation cannot outpace income growth.
Comparing Wealth Effects: The Stock Market Versus the Housing Market PDF file
Karl E. Case, Robert J. Shiller, John M. Quigley, NBER Working Paper, November 2001
Examines the link between increases in housing wealth, financial wealth, and consumer spending.
Aging and housing equity: Another look PDF file
Steven F. Venti and David A. Wise, NBER Working Paper, August 2001
Examines the extent to which families use housing equity to support general consumption in retirement.
The Rise and Fall of Housing's Favored Investment Status
Patric H. Hendershott and Michael White, Journal of Housing Research Volume 11 Issue 2, 2000
Surveys and interprets a wide body of literature on the taxation and subsidization of investment in owner-occupied and rental housing including experiences outside of the United States.
Real Demographics of Housing Demand in the United States
Dowell Myers and Lonnie Vidaurri, School of Urban Planning and Development, U.S.C 1996
This article reviews the nature of the changing demographics in housing demand nationally and considers evidence on housing consumption.
The Economic Theory of Housing Demand: A Critical Review
Isaac F. Megbolugbe, Allen P. Marks, and Mary B. Schwartz, Journal of Real Estate Research 1991
A review of economic modeling of housing demand determinants and suggestions for further research.
