Homeowner-made Housing Price Bubbles - East Germany's Example -

Kristof Dascher

No 11, Discussion Paper Series from Department of International Economic Policy, University of Freiburg

Abstract: This paper argues that homeowners, if suffciently infuential, may attempt to manipulate housing prices. The paper presents an instance of, and sets out the political economy behind, one particular homeowner-made housing price bubble (in East Germany). Yet ultimately the paper suggests that homeowners may be responsible for housing price bubbles elsewhere, too. Namely, US homeowners may be the single driving force behind the latest US housing price boom that preceded the current real estate, and financial, crisis.

Keywords: Homeowner Majority; Rent Persistence; Ratchet Effect; Policy Reform (search for similar items in EconPapers)
JEL-codes: D61 H73 R21 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2010-02, Revised 2010-02
New Economics Papers: this item is included in nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:fre:wpaper:11

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