Arbitrage in Housing Markets
---- Acknowledgements ----
This paper was prepared for the Lincoln Land Institute conference "Housing and Built Environment: Access, Finance, Policy" in honor of Karl (Chip) Case and his many contributions to our understanding of housing markets. Our analysis is grounded on many of his insights over the years. Helpful comments were provided by James Brown and Cornelia Kullman. Finally, we appreciate the excellent research assistance of Andrew Moore on this project. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.