Housing bubbles and homeownership returns

Marius Jurgilas and Kevin Lansing

FRBSF Economic Letter, 2012, issue jun25

Abstract: In the aftermath of the global financial crisis and the Great Recession, research has sought to understand the behavior of house prices. A feature of all bubbles is the emergence of seemingly plausible fundamental arguments that attempt to justify the dramatic run-up in prices. Comparing the U.S. housing boom of the mid-2000s with ongoing Norwegian housing market trends again poses the question of whether a bubble can be distinguished from a rational response to fundamentals. Survey evidence on expectations about house prices can be useful for diagnosing a bubble.

Keywords: Housing; -; Prices (search for similar items in EconPapers)
Date: 2012
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