Asset prices in general, and real house prices in particular, are often characterized by a nonlinear data-generating process which displays mildly explosive behavior in some periods. Here, we investigate the emergence of explosiveness in the dynamics of real house prices and the role played by...

In the U.S. real estate market, around 30 percent of listed properties remain unsold. We examine whether unsold property listings exert externalities in the housing market. Our study builds on a comprehensive dataset that encompasses residential property listings in Orange County (California)...

This paper models the correlated shocks across regional housing markets and the spillover effects in time-varying housing price volatilities. We explore two kinds of diffusion channels: geographic closeness and economic similarity. Our empirical investigation is based on the Case-Shiller housing...