Housing markets experience substantial price volatility, short-term price change momentum, and mean reversion of prices over the long run. Together, these features, particularly at their most extreme, produce the classic shape of an asset bubble. In this chapter, we review the stylized facts of...

Front Cover -- Title Page -- Copyright -- Contents -- Figures, Tables and Boxes -- Acknowledgements -- Abbreviations -- Glossary -- Foreword by John Muellbauer -- 1: Introduction -- 1.1: What Is Land? -- 1.2: What Is the Value of Land? -- 1.3: Landownership and Economic Rent -- 1.4: Summary of...