Park, Sae Woon; Park, Yun W.; Agrawal, Vipin - European Real Estate Society - ERES - 2010
Cycles of boom and bust in the housing market seem to give support to the 'bubble theory' of the house price where the house price is essentially the sum of the fundamental price and the bubble. We test the theory using the cross-sectional time series data of 50 US states from 1985 onwards. We...