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The Run-up in Home Prices: A Bubble

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  • Dean Baker

Abstract

In the past seven years, home purchase prices have risen nearly thirty percentage points more than the rate of inflation. This run-up in housing prices has increased housing wealth by more than $2.6 trillion, compared to home prices' just keeping pace with inflation. The result is an average of more than $35,000 of additional wealth for each of the nation's 73.3 million homeowners. This paper examines whether the increase in home prices is grounded in fundamental economic factors, or whether it is simply a bubble, similar to the stock market bubble.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Challenge.

Volume (Year): 45 (2002)
Issue (Month): 6 (November)
Pages: 93-119

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Handle: RePEc:mes:challe:v:45:y:2002:i:6:p:93-119

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=106043

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Cited by:
  1. Dirk J. Bezemer, 2012. "Modelos contables y comprensión de la crisis financiera," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, Universidad Externado de Colombia - Facultad de Economía, vol. 14(26), pages 47-76, January-J.
  2. Kristopher S. Gerardi & Christopher L. Foote & Paul S. Willen, 2010. "Reasonable people did disagree : optimism and pessimism about the U.S. housing market before the crash," Public Policy Discussion Paper, Federal Reserve Bank of Boston 10-5, Federal Reserve Bank of Boston.
  3. Bezemer, Dirk, 2009. "No one saw this coming. Understanding financial crisis through accounting models," Research Report 09002, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  4. Peter C. B. Phillips & Jun Yu, 2010. "Dating the Timeline of Financial Bubbles during the Subprime Crisis," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1770, Cowles Foundation for Research in Economics, Yale University.
  5. Mason Gaffney, 2011. "An Award for Calling the Crash," Econ Journal Watch, Econ Journal Watch, vol. 8(2), pages 185-192, May.
  6. Dean Baker, 2011. "The Origins and Severity of the Public Pension Crisis," CEPR Reports and Issue Briefs, Center for Economic and Policy Research (CEPR) 2011-04, Center for Economic and Policy Research (CEPR).
  7. Yefimov, Vladimir, 2011. "Дискурсивный Анализ В Экономике:Пересмотр Методологии И Истории Экономической Науки. Часть 1. Иная Методолог," MPRA Paper 49157, University Library of Munich, Germany.
  8. Gunther Tichy, 2010. "War die Finanzkrise vorhersehbar?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, Verein für Socialpolitik, vol. 11(4), pages 356-382, November.
  9. Bezemer, Dirk J, 2009. "“No One Saw This Coming”: Understanding Financial Crisis Through Accounting Models," MPRA Paper 15892, University Library of Munich, Germany.
  10. Kate Sabatini & Christian E. Weller, 2007. "Changes in Homeowners’ Financial Security during the Recent Housing and Mortgage Boom," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp125, Political Economy Research Institute, University of Massachusetts at Amherst.
  11. Mark Weisbrot & Rebecca Ray & Jake Johnston & Jose Antonio Cordero, 2009. "IMF-Supported Macroeconomic Policies and the World Recession: A Look at Forty-One Borrowing Countries," CEPR Reports and Issue Briefs, Center for Economic and Policy Research (CEPR) 2009-37, Center for Economic and Policy Research (CEPR).
  12. Dimitri B. Papadimitriou & Edward Chilcote & Gennaro Zezza, 2006. "Are Housing Prices, Household Debt, and Growth Sustainable?," Economics Strategic Analysis Archive, Levy Economics Institute sa_jan_06, Levy Economics Institute.
  13. John Harvey, 2010. "Keynes’ Business Cycle: Animal Spirits and Crisis," Working Papers, Texas Christian University, Department of Economics 201003, Texas Christian University, Department of Economics.
  14. David M. Kemme & Saktinil Roy, 2012. "Did the Recent Housing Boom Signal the Global Financial Crisis?," Southern Economic Journal, Southern Economic Association, vol. 78(3), pages 999-1018, January.

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