Is There a Real-Estate Bubble in the US?
نویسنده
چکیده
We analyze the quarterly average sale prices of new houses sold in the USA as a whole, in the northeast, midwest, south, and west of the USA, in each of the 50 states and the District of Columbia of the USA, to determine whether they have grown faster-than-exponential which we take as the diagnostic of a bubble. We find that 22 states (mostly Northeast and West) exhibit clear-cut signatures of a fast growing bubble. From the analysis of the S&P 500 Home Index, we conclude that the turning point of the bubble will probably occur around mid-2006.
منابع مشابه
M ar 2 00 3 2000 - 2003 Real Estate Bubble in the UK but not in the USA
In the aftermath of the burst of the " new economy " bubble in 2000, the Federal Reserve aggressively reduced short-term rates yields in less than two years from 6 1/2 to 1 1/4 % in an attempt to coax forth a stronger recovery of the US economy. But, there is growing apprehension that this is creating a new bubble in real estate , as strong housing demand is fuelled by historically low mortgage...
متن کاملs . so c - ph ] 1 4 Ju l 2 00 3 2000 - 2003 Real Estate Bubble in the UK but not in the USA
In the aftermath of the burst of the " new economy " bubble in 2000, the Federal Reserve aggressively reduced short-term rates yields in less than two years from 6 1/2 to 1 1/4 % in an attempt to coax forth a stronger recovery of the US economy. But, there is growing apprehension that this is creating a new bubble in real estate , as strong housing demand is fuelled by historically low mortgage...
متن کاملThe Effect of Air Pollution on Real-Estate Price in Tehran
This paper investigates the effect of air pollution on real-estate price in Tehran for the period (2013-14) and (2018-19). By combining microdata of real-estate transactions for more than 50,000 units that are traded multiple times during the period of study, the pollution index is constructed for each house by using the air pollution index from various stations in Tehran. Using this dataset, t...
متن کاملREITs, interest rates and stock prices in Malaysia
This paper examines the dynamic linkages between real estate investment trusts (REITs), which are a proxy for investment in real estate, interest rates and stock prices in Malaysia over the period 2006 to 2009. Two mechanisms have been proposed to interpret the relationship between investment in real estate and stocks. The first is the wealth effect, which states that investors with unanticipat...
متن کاملA measurement model for real estate bubble size based on the panel data analysis: An empirical case study
Employing the fundamental value of real estate determined by the economic fundamentals, a measurement model for real estate bubble size is established based on the panel data analysis. Using this model, real estate bubble sizes in various regions in Japan in the late 1980s and in recent China are examined. Two panel models for Japan provide results, which are consistent with the reality in the ...
متن کامل