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What’s really going on in housing markets?

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Abstract

Most of the public concern about housing markets is based on claims that house prices have increased at historically anomalous rates and that house prices have outpaced incomes. The first claim is based on inaccurate historical data. The second is linked to relaxed credit constraints. House prices are likely to fall further, but not for the reasons usually proposed.

Suggested Citation

  • Morris A. Davis & François Ortalo-Magné & Peter Rupert, 2007. "What’s really going on in housing markets?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Jul.
    • Handle: RePEc:fip:fedcec:y:2007:i:jul
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    File URL: https://www.clevelandfed.org/publications/economic-commentary/2007/ec-20070701-whats-really-going-on-in-housing-markets
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    Cited by:

    1. Guerrieri, Veronica & Hartley, Daniel & Hurst, Erik, 2013. "Endogenous gentrification and housing price dynamics," Journal of Public Economics, Elsevier, vol. 100(C), pages 45-60.

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    Keywords

    Housing - Prices;

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