Historic Turning Points in Real Estate

Robert J. Shiller (robert.shiller@yale.edu)
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Robert J. Shiller: Cowles Foundation, Yale University, https://economics.yale.edu/people/faculty/robert-shiller

No 1610, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: This paper looks for markers of ends of real estate booms or busts. The changes in market psychology and related indicators that occurred at real estate market turning points in the United States since the 1980s are compared with changes at turning points in the more distant past. In all these episodes changes in an atmosphere of optimism about the future course of home prices, changes in public interpretation of the boom, as well as evidence of supply response to the high prices of a boom, are noted.

Keywords: Home prices; Boom; Bubble; Regime change; Stock market; California; Florida (search for similar items in EconPapers)
JEL-codes: R31 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2007-06
New Economics Papers: this item is included in nep-ure
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Citations: View citations in EconPapers (11)

Published in Eastern Economic Journal (Winter 2008), 34(1): 1-13

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