TY  - JOUR
AU  - Shiller,Robert J.
TI  - Understanding Recent Trends in House Prices and Home Ownership
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 13553
PY  - 2007
Y2  - October 2007
UR  - http://www.nber.org/papers/w13553
L1  - http://www.nber.org/papers/w13553.pdf
N1  - Author contact info:
Robert J. Shiller
Yale University, Cowles Foundation
Box 208281
30 Hillhouse Avenue
New Haven, CT  06520-8281
Tel: 203/432-3708
Fax: 203/432-6167
E-Mail: robert.shiller@yale.edu
AB  - This paper looks at a broad array of evidence concerning the recent boom in home prices, and considers what this means for future home prices and the economy. It does not appear possible to explain the boom in terms of fundamentals such as rents or construction costs. A psychological theory, that represents the boom as taking place because of a feedback mechanism or social epidemic that encourages a view of housing as an important investment opportunity, fits the evidence better.
ER  -