Bubble, bubble, toil, and trouble

Cabray L. Haines and Richard Rosen

Economic Perspectives, 2007, vol. 31, issue Q I, 16-35

Abstract: The rapid rise of real estate prices in recent years has led to fears of a housing price bubble. But, to determine whether there has been a bubble?and whether the bubble is bursting?one needs to know what home prices ?should? be. The authors estimate a simple model of home prices and find that prices were, on average, above their predicted levels during 2000?06. However, this result does not hold true uniformly across the country. To the extent that prices were overheating, this was happening largely in markets that have traditionally exhibited volatile prices

Keywords: Housing - Prices; Mortgage loans (search for similar items in EconPapers)
Date: 2007
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