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Housing bubbles tend to distort valuations upward relative to historic, sustainable, and statistical norms as described by economists Karl Case and Robert Shiller in their book, Irrational Exuberance. [6] As early as 2003 Shiller questioned whether or not there was, "a bubble in the housing market" [7] that might in the near future correct.
Fall: Booming housing market halts abruptly; from the fourth quarter of 2005 to the first quarter of 2006, median prices nationwide dropped off 3.3 percent. [49] Year-end: A total of 846,982 properties were in some stage of foreclosure in 2005. [50] 2006: Continued market slowdown. Prices are flat, home sales fall, resulting in inventory buildup.
The Great American Housing Bubble: What Went Wrong and How We Can Protect Ourselves in the Future. Harvard University Press. ISBN 978-0-674-24692-8. Elizabeth Warren and Amelia Warren Tyagi (2003). The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke, New York: Basic Books. ISBN 0-465-09082-6.
Since the Great Depression, the next most dramatic economic crash of the day came in 2008-09, when the overinflated housing bubble burst, sending the U.S. economy into free fall and devastating...
In July, the housing market had a 4.0-month supply of housing inventory, a 19.8 percent improvement over last year but still below the 5 to 6 months needed for a healthy, balanced market — one ...
Here's a look back at 2012's major developments in residential real estate -- along with insight on what lies ahead for the housing market in 2013. %Gallery-173886% Show comments
US house price trend (1998–2008) as measured by the Case–Shiller index Ratio of Melbourne median house prices to Australian annual wages, 1965 to 2010. As with all types of economic bubbles, disagreement exists over whether or not a real estate bubble can be identified or predicted, then perhaps prevented.
Much of the data surrounding this year's housing market points toward a delicate recovery period -- perhaps softening the pain of continued Fed rate increases. While signs are pointing upward ...