Just because there was a boom in the housing market doesn't mean there will be a bust. But if the decline in prices …

Many observers claim that we are in the midst of an “affordable housing shortage” or, even worse, an “affordable … housing crisis.” The primary concern is that too many households live in “unaffordable” rental units. We hope to clarify the … largely behind the housing affordability problem despite the current focus on housing. Policymakers should recognize that …

The proposition that "housing prices can't continue to outpace growth in household income" (Wall Street Journal; July … 25, 2002) is the received wisdom among many housing-market observers. More formally, many in the housing literature argue …

Many recent papers have claimed that when housing services are treated separately from other forms of consumption in … claims. The key assumption embedded in this literature is that households are not very willing to substitute housing services … for consumption. We show that housing services and consumption must be much more substitutable than has been assumed for a …

Has housing affordability improved? Yes and no. …

District housing prices are rising overall, but metros depict different pictures. …