What’s different about the latest housing boom?

Reuven Glick, Kevin Lansing and Daniel Molitor

FRBSF Economic Letter, 2015

Abstract: After peaking in 2006, the median U.S. house price fell about 30%, finally hitting bottom in late 2011. Since then, house prices have rebounded strongly and are nearly back to the pre-recession peak. However, conditions in the latest boom appear far less precarious than those in the previous episode. The current run-up exhibits a less-pronounced increase in the house price-to-rent ratio and an outright decline in the household mortgage debt-to-income ratio?a pattern that is not suggestive of a credit-fueled bubble.

Date: 2015
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