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The changing housing market: a bang or a whimper?

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  • Karl E. Case

Abstract

The U.S. housing market has had an extraordinary 15-year run in terms of prices, sales of existing homes, and new construction, especially on the East and West Coasts. Beginning in the spring of 2006, however, the housing market began to turn distinctly downward. We know that 2005 was a good year and that 2006 has not been such a good year, and we see indications that 2007 could be tough. To help understand why the market has shifted from hot to, at a minimum, cool, this paper, which is the first in a series of NEPPC policy briefs on housing, recaps some of the factors that contributed to this housing run and discusses some of the factors that will determine just how long and steep this reversal of housing fortune might be.

Suggested Citation

  • Karl E. Case, 2006. "The changing housing market: a bang or a whimper?," New England Public Policy Center Policy Brief, Federal Reserve Bank of Boston.
  • Handle: RePEc:fip:fedbbr:y:2006:n:06-4
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    File URL: http://www.bostonfed.org/economic/neppc/briefs/2006/briefs064.pdf
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    Keywords

    Housing - Prices;

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