. Using a panel of 137 cities, we examine the duration, size, and correlations of housing market cycles in North America. We … for duration dependence. We find that housing market expansions have positive duration dependence since their exit … probabilities increase with duration, while contractions seem to have no duration dependence. Standard determinants of house prices …

negatively-sloped Beveridge curve. Moreover, the model exhibits unemployment duration dependence, which (when calibrated to long …