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What’s different about the latest housing boom?

Author

Listed:
  • Reuven Glick
  • Kevin J. Lansing
  • Daniel Molitor

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.

Suggested Citation

  • Reuven Glick & Kevin J. Lansing & Daniel Molitor, 2015. "What’s different about the latest housing boom?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfel:00074
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    References listed on IDEAS

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    1. Kevin J. Lansing, 2003. "Growth in the post-bubble economy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jun20.
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    Cited by:

    1. Yang Hu & Les Oxley, 2018. "Bubbles in US regional house prices: evidence from house price–income ratios at the State level," Applied Economics, Taylor & Francis Journals, vol. 50(29), pages 3196-3229, June.

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