There is present concern that housing prices in the U.S. are undergoing an unsustainable boom, which some refer to as a bubble, that will end in a bust with dire consequences for the real economy. This paper considers whether this dire scenario is likely to happen. My reading of the literature...

Real home prices have been rising strongly since the mid-1990s, and have continued to do so even as the economy has weakened. This has sparked the concern as to whether there is a bubble in the housing market, the collapse of which could harm the overall economy. Taking into account fundamentals...

The keen interest of the media, and by extension, the public, in the future of house price growth in the United States centers on the question of whether there is a house price bubble nationally or regionally. Even among those who concede that a bubble per se may not be present, many worry that...