Understanding Recent Trends in House Prices and Home Ownership

Robert J. Shiller

No 13553, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper looks at a broad array of evidence concerning the recent boom in home prices, and considers what this means for future home prices and the economy. It does not appear possible to explain the boom in terms of fundamentals such as rents or construction costs. A psychological theory, that represents the boom as taking place because of a feedback mechanism or social epidemic that encourages a view of housing as an important investment opportunity, fits the evidence better.

JEL-codes: R0 (search for similar items in EconPapers)
Date: 2007-10
New Economics Papers: this item is included in nep-geo and nep-ure
Note: AP EFG
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Citations: View citations in EconPapers (200)

Published as Robert J. Shiller, 2007. "Understanding recent trends in house prices and homeownership," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 89-123.

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Journal Article: Understanding recent trends in house prices and homeownership (2007)
Working Paper: Understanding Recent Trends in House Prices and Home Ownership (2007)
Working Paper: Understanding Recent Trends in House Prices and Home Ownership (2007)
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