Glaeser, Edward L.; Gottlieb, Joshua D.; Gyourko, Joseph E. - 2010
"Between 1996 and 2006, real housing prices rose by 53 percent according to the Federal Housing Finance Agency price … index. One explanation of this boom is that it was caused by easy credit in the form of low real interest rates, high loan …-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …