Why Housing?

Adam J. Levitin and Susan Wachter

Housing Policy Debate, 2013, vol. 23, issue 1, 5-27

Abstract: Asset bubbles come and go. Only the housing bubble, however, brought the economy to its knees. Why? What makes housing uniquely a cause of macroeconomic risk? This article examines the workings of the housing market as well as theories and empirical evidence about the housing bubble. It explains why housing is a particular source of macroeconomic risk and how changes in the housing finance channel were the critical element in the formation of the bubble.

Date: 2013
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DOI: 10.1080/10511482.2012.749936

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