Gateway to Think Tanks
来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w18400 |
来源ID | Working Paper 18400 |
What Have They Been Thinking? Home Buyer Behavior in Hot and Cold Markets | |
Karl E. Case; Robert J. Shiller; Anne Thompson | |
发表日期 | 2012-09-21 |
出版年 | 2012 |
语种 | 英语 |
摘要 | Questionnaire surveys undertaken in 1988 and annually from 2003 through 2014 of recent homebuyers in each of four U.S. metropolitan areas shed light on their expectations and reasons for buying during the recent housing boom and subsequent collapse. They also provide insight into the reasons for the housing crisis that initiated the current financial malaise. We find that homebuyers were generally well informed, and that their short-run expectations if anything underreacted to the year-to-year change in actual home prices. More of the root causes of the housing bubble can be seen in their long-term (10-year) home price expectations, which reached abnormally high levels relative to mortgage rates at the peak of the boom and have declined sharply since. The downward turning point, around 2005, of the long boom that preceded the crisis was associated with changing public understanding of speculative bubbles. |
主题 | Regional and Urban Economics ; Real Estate |
URL | https://www.nber.org/papers/w18400 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576077 |
推荐引用方式 GB/T 7714 | Karl E. Case,Robert J. Shiller,Anne Thompson. What Have They Been Thinking? Home Buyer Behavior in Hot and Cold Markets. 2012. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w18400.pdf(786KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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