Causes of the 2000s United States housing bubble

1133:, the expected change in housing prices (relative to interest rates) can be computed mathematically. The calculation in the sidebox shows that a 1 percentage point change in interest rates would theoretically affect home prices by about 10% (given 2005 rates on fixed-rate mortgages). This represents a 10-to-1 multiplier between percentage point changes in interest rates and percentage change in home prices. For interest-only mortgages (at 2005 rates), this yields about a 16% change in principal for a 1% change in interest rates at current rates. Therefore, the 2% drop in long-term interest rates can account for about a 10 × 2% = 20% rise in home prices if every buyer is using a fixed-rate mortgage (FRM), or about 16 × 3% ≈ 50% if every buyer is using an adjustable rate mortgage (ARM) whose interest rates dropped 3%. 924:

affordable housing. However, HUD was given the power to set future requirements. In 1995 HUD mandated that 40 percent of Fannie's and Freddie's loan purchases would have to support affordable housing. In 1996, HUD directed Freddie and Fannie to provide at least 42% of their mortgage financing to borrowers with income below the median in their area. This target was increased to 50% in 2000 and 52% in 2005. Under the Bush Administration HUD continued to pressure Fannie and Freddie to increase affordable housing purchases – to as high as 56 percent by the year 2008. To satisfy these mandates, Fannie and Freddie eventually announced low-income and minority loan commitments totalling $ 5 (~$ 6.95 trillion in 2023) trillion. Critics argue that, to meet these commitments, Fannie and Freddie promoted a loosening of lending standards - industry-wide.

687: 1061:(the treatment group) to the behavior of banks operating in the same census tract-month that did not face these exams (the control group). This comparison clearly indicates that adherence to the CRA led to riskier lending by banks." They concluded: "The evidence shows that around CRA examinations, when incentives to conform to CRA standards are particularly high, banks not only increase lending rates but also appear to originate loans that are markedly riskier." Loan delinquency averaged 15% higher in the treatment group than the control group one year after mortgage origination. 1093: 2270:, David Seiders, said that California, Las Vegas, Florida and the Washington, D.C., area "have the largest potential for a price slowdown" because the rising prices in those markets were fed by speculators who bought homes intending to "flip" or sell them for a quick profit. Dallas Fed president Richard Fisher said in 2006 that the Fed held its target rate at 1 percent "longer than it should have been" and unintentionally prompted speculation in the housing market. 2473:, where each link in the mortgage chain collected profits while believing it was passing on risk. Mortgage denial rates for conventional home purchase loans, reported under the Home Mortgage Disclosure Act, have dropped noticeably, from 29 percent in 1998, to 14 percent in 2002 and 2003. Traditional gatekeepers such as mortgage securitizers and credit rating agencies lost their ability to maintain high standards because of competitive pressures. 2344: 5051: 34: 2438:" loans, where the borrower did not have to provide documentation to substantiate the income stated on the application; these loans were also called "no doc" (no documentation) loans and, somewhat pejoratively, as "liar loans") to finance home purchases described above have raised concerns about the quality of these loans should interest rates rise again or the borrower is unable to pay the mortgage. 1162: 2296:(water bodies, wetlands, and slopes) cannot be ignored either. It is debatable which type of constraint contributes more to price fluctuations. Some argue that the latter, by inherently increasing the value of land in a defined area (because the amount of usable land is less), give homeowners and developers incentive to support regulations to further protect the value of their property. 1007:

Crisis Inquiry Commission majority, the Federal Housing Finance Agency, and virtually all academics, including the University of North Carolina, Glaeser et al. at Harvard, and the St. Louis Federal Reserve, have all rejected the Wallison/Pinto argument that federal affordable housing policies were responsible for the proliferation of actual high-risk mortgages over the past decade.

2208: 4936:] around–often from folks close to real estate interests–to minimize the importance of this housing bust, it is worth to point out a number of flawed arguments and misperception that are being peddled around. You will hear many of these arguments over and over again in the financial pages of the media, in sell-side research reports and in innumerous [ 1040:"first, only a small portion of subprime mortgage originations are related to the CRA. Second, CRA-related loans appear to perform comparably to other types of subprime loans. Taken together... we believe that the available evidence runs counter to the contention that the CRA contributed in any substantive way to the current mortgage crisis" 2044:(NAR) said in August 2006 that "he expects home prices to come down 5% nationally, more in some markets, less in others." Commenting in August 2005 on the perceived low risk of housing as an investment vehicle, Alan Greenspan said, "history has not dealt kindly with the aftermath of protracted periods of low risk premiums". 1125:(1/1 ARMs) fell 3 percentage points (from about 7% to about 4%). Richard Fisher, president of the Dallas Fed, said in 2006 that the Fed's low interest-rate policies unintentionally prompted speculation in the housing market, and that the subsequent "substantial correction inflicting real costs to millions of homeowners." 999:

Federal Reserve's use of interest rates to distinguish prime from subprime loans. They say that subprime loan estimates based on use of the high-interest-rate proxy are distorted because government programs generally promote low-interest rate loans – even when the loans are to borrowers who are clearly subprime.

2247:", and former NAR chief economist David Lereah said in 2005 that "here's a speculative element in home buying now." Speculation in some local markets has been greater than others, and any correction in valuations is expected to be strongly related to the percentage amount of speculative purchases. In the same 1028:-covered lenders to lower-income borrowers or CRA neighborhoods. (As it did with respect to GSE loans, the Federal Reserve assumed that all CRA loans were prime unless they carried interest rates 3% or more above the normal rate, an assumption disputed by others.) In a 2008 speech, Federal Reserve Governor 2299:

In this case, geographical constraints beget regulatory action. To the contrary, others will argue that geographic constraints are only a secondary factor, pointing to the more discernable effects that urban growth boundaries have on housing prices in such places as Portland, OR. Despite the presence

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that is expected to grow in value over time, as opposed to the utility of shelter that home ownership provides, housing is not a risk-free investment. The popular notion that, unlike stocks, homes do not fall in value is believed to have contributed to the mania for purchasing homes. Stock prices are

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shows that the inflation adjusted U.S. home price increase has been about 45% during this period, an increase in valuations that is approximately consistent with most buyers financing their purchases using ARMs. In areas of the United States believed to have a housing bubble, price increases have far

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they did not buy enough of them to be blamed for the mortgage crisis. Highly respected analysts who have looked at these data in much greater detail than Wallison, Pinto, or myself, including the nonpartisan Government Accountability Office, the Harvard Joint Center for Housing Studies, the Financial

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in 1979 and in 1981 the Comptroller of the Currency extended the privilege to national banks. This regulation, enacted during times when fixed-rate loans at 17% were beyond the reach of many prospective home-owners, led to a series of innovations in adjustable-rate financing that contributed the easy

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updated an income verification tool used by lenders to make confirmation of borrower's claimed income faster and easier. In April 2007, financial problems similar to the subprime mortgages began to appear with Alt-A loans made to homeowners who were thought to be less risky; the delinquency rate for

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as a whole: "The problem that prices are falling even as the buyers' total mortgage remains the same or even increases. ... Rising debt-service payments will further divert income from new consumer spending. Taken together, these factors will further shrink the "real" economy, drive down those

1128:

A drop in mortgage interest rates reduces the cost of borrowing and should logically result in an increase in prices in a market where most people borrow money to purchase a home (for instance, in the United States), so that average payments remain constant. If one assumes that the housing market is

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and the subsequent 2001–2002 recession the Federal Reserve dramatically lowered interest rates to historically low levels, from about 6.5% to just 1%. This spurred easy credit for banks to make loans. By 2006 the rates had moved up to 5.25% which lowered the demand and increased the monthly payments

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To make its estimate, the Federal Reserve did not directly analyze the characteristics of the loans (such as downpayment sizes); rather, it assumed that loans carrying interest rates 3% or more higher than normal rates were subprime and loans with lower interest rates were prime. Critics dispute the

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investigation found that "The City of Cleveland has aggravated its vexing foreclosure problems and has lost millions in tax dollars by helping people buy homes they could not afford." The newspaper added that these problem mortgages "typically came from local banks fulfilling federal requirements to

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For example, the monthly cost of a $ 250,000 home at 6% interest fixed over 30 years, with 1% property taxes, 0.75% maintenance costs, and a 30% federal income tax rate is approximately $ 1361 per month. The rental cost for an equivalent home may be less in many U.S. cities as of 2006. Adding a

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Some borrowers got around downpayment requirements by using seller-funded downpayment assistance programs (DPA), in which a seller gives money to a charitable organizations that then give the money to them. From 2000 through 2006, more than 650,000 buyers got their down payments through nonprofits.

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Private lenders pushed subprime mortgages to capitalize on this, aided by greater market power for mortgage originators and less market power for mortgage securitizers. Subprime mortgages amounted to $ 35 billion (5% of total originations) in 1994, 9% in 1996, $ 160 billion (13%) in 1999, and $ 600

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formulas that strictly assumed the independence of individual component mortgages, when in fact the credit-worthiness almost every new subprime mortgage was highly correlated with that of any other because of linkages through consumer spending levels which fell sharply when property values began to

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According to a 2018 review of existing evidence, "inflated house-price expectations across the economy played a central role in driving both the demand for and the supply of mortgage credit before the crisis". The review concluded that the crisis was not driven by reckless lending by lower classes,

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magazine called the option ARM (which might permit a minimum monthly payment less than an interest-only payment) "the riskiest and most complicated home loan product ever created" and warned that over one million borrowers took out $ 466 billion in option ARMs in 2004 through the second quarter of

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Possible factors of this variation from city to city are housing supply constraints, both regulatory and geographical. Regulatory constraints such as urban growth boundaries serve to reduce the amount of developable land and thus increase prices for new housing construction. Geographic constraints

2215:

The graph above shows the total notional value of derivatives relative to US wealth measures. It is important to note for the casual observer that, in many cases, notional values of derivatives carry little meaning. Often the parties cannot easily agree on terms to close a derivative contract. The

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Compounding the popular expectation that home prices do not fall, it is also widely believed that home values will yield average or better-than-average returns as investments. The investment motive for purchasing homes should not be conflated with the necessity of shelter that housing provides; an

1925:

Americans' love of their homes is widely known and acknowledged; however, many believe that enthusiasm for home ownership is currently high even by American standards, calling the real estate market "frothy", "speculative madness", and a "mania". Many observers have commented on this phenomenon—as

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Min's contention that Fannie and Freddie did not buy a significant amount of high-risk mortgage backed securities must be evaluated in light of subsequent SEC security fraud charges brought against executives of Fannie Mae and Freddie Mac in December 2011. Significantly, the SEC alleged (and still

923:

The Housing and Urban Development Act of 1992 established an affordable housing loan purchase mandate for Fannie Mae and Freddie Mac, and that mandate was to be regulated by HUD. Initially, the 1992 legislation required that 30 percent or more of Fannie's and Freddie's loan purchases be related to

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In some areas houses were selling at multiples of replacement costs, especially when prices were correctly adjusted for depreciation. Cost per square foot indexes still show wide variability from city to city, therefore it may be that new houses can be built more cheaply in some areas than asking

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Homeownership, argue, is a way to achieve the American dream, save on taxes and earn a solid investment return all at the same time. ... t's now clear that people who chose renting over buying in the last two years made the right move. In much of the country ... recent home buyers have

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in general. The salient question is whether interest rates are a determining factor in specific markets where there is high sensitivity to housing affordability. (Thomas Sowell points out that these markets where there is high sensitivity to housing affordability are created by laws that restrict

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concluded that banks undergoing CRA-related regulatory exams took additional mortgage lending risk. The authors of a study entitled "Did the Community Reinvestment Act Lead to Risky Lending?" compared "the lending behavior of banks undergoing CRA exams within a given census tract in a given month

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Most early estimates showed that the subprime mortgage boom and the subsequent crash were very much concentrated in the private market, not the public market of Fannie Mae and Freddie Mac. According to an estimate made by the Federal Reserve in 2008, more than 84 percent of the subprime mortgages

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However, according to Peter J. Wallison, other developed countries with "large bubbles during the 1997–2007 period" had "far lower ... losses associated with mortgage delinquencies and defaults" because (according to Wallison), these countries' bubbles were not supported by a huge number of

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or home equity to this calculation can significantly reduce the monthly cost of ownership, while significantly reducing the income stream that the downpayment would generate in a long term CD. Including the monthly cost of forgoing the standard deduction ($ 10,000 for a married couple), the added

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The home-price bubble feels like the stock-market mania in the fall of 1999, just before the stock bubble burst in early 2000, with all the hype, herd investing and absolute confidence in the inevitability of continuing price appreciation. My blood ran slightly cold at a cocktail party the other

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On May 4, 2006, the IRS ruled that such plans are no longer eligible for non-profit status due to the circular nature of the cash flow, in which the seller pays the charity a "fee" after closing. On October 31, 2007, the Department of Housing and Urban Development adopted new regulations banning

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for home-buying is out of all proportion to sober reality, one needs to look no further than the current subprime lending mess ... As interest rates—and mortgage payments—have started to climb, many of these new owners are having difficulty making ends meet ... Those borrowers are much

1898:, six (Dallas, Cleveland, Detroit, Denver, Atlanta, and Charlotte) saw less than 10% price growth in inflation-adjusted terms in 2001–2006. During the same period, seven metropolitan areas (Tampa, Miami, San Diego, Los Angeles, Las Vegas, Phoenix, and Washington DC) appreciated by more than 80%. 880:

of George Mason University have both argued that the Gramm-Leach-Bliley Act softened the impact of the crisis by allowing for mergers and acquisitions of collapsing banks as the crisis unfolded in late 2008. "Alice M. Rivlin, who served as a deputy director of the Office of Management and Budget

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For this reason, some have criticized then Fed Chairman Alan Greenspan for "engineering" the housing bubble, saying, e.g., "It was the Federal Reserve-engineered decline in rates that inflated the housing bubble." Between 2000 and 2003, the interest rate on 30-year fixed-rate mortgages fell 2.5

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Mortgages had been bundled together and sold on Wall Street to investors and other countries looking for a higher return than the 1% offered by Federal Reserve. The percentage of risky mortgages was increased while rating companies claimed they were all top-rated. Instead of the limited regions

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Once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market had unleashed. Where else could plungers apply their newly acquired trading talents? The materialistic display of the big house also has become a salve to bruised egos of disappointed stock

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In retrospect, the real Fed funds rate turned out to be lower than what was deemed appropriate at the time and was held lower longer than it should have been ... In this case, poor data led to a policy action that amplified speculative activity in the housing and other markets ...

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Other analysis calls into question the validity of comparing the residential loan crisis to the commercial loan crisis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported (in December 2010): "We find limited evidence that

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repealed the Section 121 exclusion and section 1034 rollover rules, and replaced them with a $ 500,000 married/$ 250,000 single exclusion of capital gains on the sale of a home, available once every two years. This made housing the only investment which escaped capital gains. These tax laws

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Mortgage risks were underestimated by every institution in the chain from originator to investor by underweighting the possibility of falling housing prices given historical trends of rising prices. These authors argue that misplaced confidence in innovation and excessive optimism led to

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also argue that the CRA was not responsible for the crisis. The CRA also only affected one out of the top 25 subprime lenders. According to several economists, Community Reinvestment Act loans outperformed other "subprime" mortgages, and GSE mortgages performed better than private label

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Between 2004 and 2006, the Fed raised interest rates 17 times, increasing them from 1% to 5.25%, before pausing. The Fed paused raising interest rates because of its concern that an accelerating downturn in the housing market could undermine the overall economy, just as the crash of the

4663:

Certainly at the high end of the real estate market in some areas, you've seen extraordinary movement ... People go crazy in economics periodically, in all kinds of ways ... when you get prices increasing faster than the underlying costs, sometimes there can be pretty serious

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The generalized bubble in housing prices is comparable to the bubble in stock prices in the late 1990s. The eventual collapse of the housing bubble will have an even larger impact than the collapse of the stock bubble, since housing wealth is far more evenly distributed than stock

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markets; although, these investments are not heavily leveraged by fair interest loans. If historic trends hold, it is reasonable to expect home prices to only slightly beat inflation over the long term. Furthermore, one way to assess the quality of any investment is to compute its

1449: 1983:

builds equity for the homeowner over time, while the interest portion of the loan payments qualifies for a tax break, whereas, except for the personal tax deduction often available to renters but not to homeowners, money spent on rent does neither. However, when considered as an

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the crisis in residential real estate. Business journalist Kimberly Amadeo reports: "The first signs of decline in residential real estate occurred in 2006. Three years later, commercial real estate started feeling the effects. Denice A. Gierach, a real estate attorney and CPA,

1085:

for adjustable rate mortgages. The resulting foreclosures increased supply, dropping housing prices further. Former Federal Reserve Board Chairman Alan Greenspan admitted that the housing bubble was "fundamentally engendered by the decline in real long-term interest rates".

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under Bill Clinton, said that GLB was a necessary piece of legislation because the separation of investment and commercial banking 'wasn't working very well.' Even Bill Clinton stated (in 2008): 'I don't see that signing that bill had anything to do with the current crisis

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reported in real time, which means investors witness the volatility. However, homes are usually valued yearly or less often, thereby smoothing out perceptions of volatility. This assertion that property prices rise has been true for the United States as a whole since the

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reported, "There's nothing funnier or more satisfying ... than watching the National Association of Realtors (NAR) change its tune these days. ... the NAR is full of it and will spin the numbers any way it can to keep up the pleasant fiction that all is well."

1917:, where weak local economies had produced little house price appreciation early in the decade but still saw declining values and increased foreclosures in 2007. As of January 2009 California, Michigan, Ohio and Florida were the states with the highest foreclosure rates. 1275:

An approximate formula can be obtained that provides the relationship between changes in interest rates and changes in home affordability. The computation proceeds by designating affordability (the monthly mortgage payment) constant, and differentiating the equation for

318: 590: 1263:

There was a great debate as to whether or not the Fed would lower rates in late 2007. The majority of economists expected the Fed to maintain the Fed funds rate at 5.25 percent through 2008; however, on September 18, it lowered the rate to 4.75 percent.

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argues that the 2000 stock market crash displaced "irrational exuberance" from the fallen stock market to residential real estate: "Once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market had unleashed."

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economic comparison of the relative costs of owning versus renting the equivalent utility of shelter can be made separately (see boxed text). Over the holding periods of decades, inflation-adjusted house prices have increased less than 1% per year.

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In areas where you have had heavy speculation, you could have 30% ... A year or a year and half from now, you will have seen a slow deterioration of home values and a substantial deterioration in those areas where there has been speculative

995:

came from private lending institutions in 2006. The share of subprime loans insured by Fannie Mae and Freddie Mac also decreased as the bubble got bigger (from a high of insuring 48 percent to insuring 24 percent of all subprime loans in 2006).

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In many areas, particularly in those with most appreciation, non-standard loans went from almost unheard of to prevalent. For example, 80% of all mortgages initiated in San Diego region in 2004 were adjustable-rate, and 47% were interest only.

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In July 1978, Section 121 allowed for a $ 100,000 (~$ 366,737 in 2023) one-time exclusion in capital gains for sellers 55 years or older at the time of sale. In 1981, the Section 121 exclusion was increased from $ 100,000 to $ 125,000. The

709:

eliminated the tax deduction for interest paid on credit cards. As mortgage interest remained deductible, this encouraged the use of home equity through refinancing, second mortgages, and home equity lines of credit (HELOC) by consumers.

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Today ... the housing market is undergoing a substantial correction and inflicting real costs to millions of homeowners across the country. It is complicating the task of achieving ... sustainable noninflationary growth.

2510:, inflationary pressure caused by such factors as increased fuel and housing costs, and changes in foreign investments in the U.S. economy. The Fed raised rates 17 times, increasing them from 1% to 5.25%, between 2004 and 2006. 4721:

Lately, I have been asked if we are in a real estate bubble. My answer is, 'Duh!' In my opinion, this is the biggest real estate bubble I have ever lived through. Next, I am asked, 'Will the bubble burst?' Again, my answer is,

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To accommodate the demand for real estate licenses, the DRE conducted numerous 'mega-exams' in which thousands of applicants took the real estate license examination ... 'The level of interest in real estate licensure is

2150:. In addition to the numerous television shows, book stores in cities throughout the United States could be seen showing large displays of books touting real-estate investment, such as NAR chief economist David Lereah's book 1555: 920:" (Federal Home Loan Mortgage Corporation). Journalist Daniel Indiviglio argues the two GSE's played a major role, while not denying the importance of Wall Street and others in the private sector in creating the collapse. 2091:, maintenance, insurance, and condominium fees. For many locations, this computation yields a P/E ratio of about 30–40, which is considered by economists to be high for both the housing and the stock markets; historical 1955:" indicates the strong preference and societal influence of Americans to own the homes they live in, as opposed to renting. However, in many parts of the United States, rent does not cover mortgage costs; the national 936:

Scholar Edward Pinto noted that, in 2008, Bank of America reported that its CRA portfolio, which constituted only 7 percent of its owned residential mortgages, was responsible for 29 percent of its losses. A Cleveland

1974:

Among Americans, home ownership is widely accepted as preferable to renting in many cases, especially when the ownership term is expected to be at least five years. This is partly because the fraction of a fixed-rate

1853:

This calculation shows that a 1 percentage point change in interest rates would theoretically affect home prices by about 10% (given 2005 rates) on fixed-rate mortgages, and about 16% for interest-only mortgages.

1112:. The Federal Reserve acknowledges the connection between lower interest rates, higher home values, and the increased liquidity the higher home values bring to the overall economy. A Federal Reserve report reads: 4573: 6566: 990:

argue that the charges against Fannie and Freddie are "completely upside down; Fannie and Freddie raced to get into subprime mortgages because they feared being left behind by their nongovernment competitors."

2453:

began receiving affordable housing credit for buying Alt-A securities Academic opinion is divided on how much this contributed to GSE purchases of nonprime MBS and to growth of nonprime mortgage origination.

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fall during the initial wave of mortgage defaults. Debt consumers were acting in their rational self-interest, because they were unable to audit the finance industry's opaque faulty risk pricing methodology.

1287: 875:

However, many economists, analysts and politicians reject the criticisms of the GLB legislation. Brad DeLong, a former advisor to President Clinton and economist at the University of California, Berkeley and

5462:'There's clearly speculative excess going on', said Joshua Shapiro, the chief United States economist at MFR Inc., an economic research group in New York. 'A lot of people view real estate as a can't lose.' 1016:

of their actual subprime and substandard loans. In other words, the substandard loans held in the GSE portfolios may have been 10 times greater than originally reported. According to Peter Wallison of the

931:

that a strengthening of the CRA in the 1990s encouraged a loosening of lending standards throughout the banking industry. He also charged the Federal Reserve with ignoring the negative impact of the CRA.

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Bielecki, Tomasz R.; Brigo, Damiano; Patras, Fédéric (2011). "Chapter 13. Structural Counterparty Risk Valuation for Credit Default Swaps". In Tomasz R. Bielecki; Christophette Blanchet-Scalliet (eds.).

800:"the father of the financial crisis" due to his sponsorship of the act but later revised his viewpoint saying repealing Glass-Steagall is "not what caused the financial crisis, which arose instead from ' 1950:

The overall U.S. homeownership rate increased from 64 percent in 1994 (about where it was since 1980) to a peak in 2004 with an all-time high of 69.2 percent. Bush's 2004 campaign slogan "the

77:

available for mortgage interest payments and property taxes. This formula does not include the cost of foregoing the standard deduction (required for taking the tax deduction). Assuming a home cost of

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Despite greatly relaxed lending standards and low interest rates, many regions of the country saw very little growth during the "bubble period". Out of 20 largest metropolitan areas tracked by the

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Others argue that "pretty much all the evidence on the housing crisis shows" that Fannie Mae, Freddie Mac, the (CRA) and their affordability goals were not a major reason for the bubble and crash.

752: 2529:, warned in June 2007 that the subprime mortgage crisis was not an isolated event and will eventually take a toll on the economy and whose ultimate impact will be on the impaired prices of homes. 1144:

area, average mortgage payments grew 50% between 2001 and 2004. When interest rates rise, a reasonable question is how much house prices will fall, and what effect this will have on those holding

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suffering the housing drop, it was felt around the world. The Congressmen who had pushed to create subprime loans now cited Wall Street and their rating companies for misleading these investors.

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substantial deterioration in CMBS loan underwriting occurred prior to the crisis." Other analysts support the contention that the crisis in commercial real estate and related lending took place

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rates, even though they did not see much house appreciation in the first place and therefore did not appear to be contributing to the national bubble. This was also true of some cities in the

1888:, but a number of local bubbles. However, in 2007 Greenspan admitted that there was in fact a bubble in the US housing market, and that "all the froth bubbles add up to an aggregate bubble". 2128:

article titled "Don't Buy That House" invokes similar arguments and concludes that for now, "resist the pressure . There may be no place like home, but there's no reason you can't rent it."

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night when a recent Yale Medical School graduate told me that she was buying a condo to live in Boston during her year-long internship, so that she could flip it for a profit next year.

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cost (the reduction in tax savings) of (deduction * tax_rate / 12) would increase the cost to buy a home by $ 250/mo, to $ 1611 for a married couple filing jointly in the example above.

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increased by 1,411 percent between 1997 and 2005. Both borrowers seeking to obtain homes they could not otherwise afford, and industry insiders seeking monetary gain, were implicated.

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study, there are higher default and foreclosure rates for these mortgages. The study also showed that sellers inflated home prices to recoup their contributions to the nonprofits.

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Various real estate investment advisors openly advocated the use of no money down property flipping, which led to the demise of many speculators who followed this strategy such as

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faced higher monthly costs than renters and have lost money on their investment in the meantime. It's almost as if they have thrown money away, an insult once reserved for renters.

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encouraged people to buy expensive, fully mortgaged homes, as well as invest in second homes and investment properties, as opposed to investing in stocks, bonds, or other assets.

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for the case of a rented house, divide the price of the house by its potential yearly earnings or net income, which is the market rent of the house minus expenses, which include

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Peter J. Wallison, "Dissent from the Majority Report of the Financial Crisis Inquiry Commission", (Washington, DC: American Enterprise Institute, January 2011), 61, www.aei.org.

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most of the commercial real estate loans were good loans destroyed by a really bad economy. In other words, the borrowers did not cause the loans to go bad, it was the economy.

2233:

magazine's article on housing speculation in 2005 said, "America was awash in a stark, raving frenzy that looked every bit as crazy as dot-com stocks." In a 2006 interview in

2394:(or reselling homes to make a profit), effectively created an almost risk-free environment for lenders because risky or defaulted loans could be paid back by flipping homes. 3238: 2659: 3359: 2288:

Home prices, as a multiple of annual rent, have been 15 since World War II. In the bubble, prices reached a multiple of 26. In 2008, prices had fallen to a multiple of 22.

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Peter J. Wallison and Edward Pinto, "Why the Left is Losing the Argument over the Financial Crisis", (Washington, D.C.: American Enterprise Institute, December 27, 2011)

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does compare interest rates and overall U.S. home prices over the period 1890–2004 and concludes that interest rates do not explain historic trends for the country.

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Like other asset prices, house prices are influenced by interest rates, and in some countries, the housing market is a key channel of monetary policy transmission.

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Like other asset prices, house prices are influenced by interest rates, and in some countries, the housing market is a key channel of monetary policy transmission.

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Mr Soros said he believed the US housing bubble, a major factor behind strong American consumption, had reached its peak and was in the process of being deflated.

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mortgage payment is $ 1,687 per month, nearly twice the median rent payment of $ 868 per month, although this ratio can vary significantly from market to market.

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Historical chart of the effective federal interest rates, known as the Federal Funds Rate. From 2001 to 2006 interest rates were dramatically lowered (due to the

5004:"Remarks by Chairman Alan Greenspan: Reflections on central banking, At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming" 1947:

profession; for example, California has a record half-million real estate licencees—one for every 52 adults living in the state, up 57% in the last five years.

904:

and coauthor Edward Pinto believed that the housing bubble and crash was due to federal mandates to promote affordable housing. These were applied through the

3972:"The American economy: A phoney recovery, Drug addicts get only a temporary high. America's economy, addicted to asset appreciation and debt, is no different" 7489: 7458: 6710: 6254: 5756: 4896: 5963: 4897:"Housing Bubble—or Bunk? Are home prices soaring unsustainably and due for plunge? A group of experts takes a look—and come to very different conclusions" 3085: 2617: 2331:

composite index. Shiller and several other economists have argued this resulted in many people taking their money out of the stock market and purchasing

1722:{\displaystyle \textstyle {\frac {\Delta {\rm {Principal}}}{\rm {Principal}}}\approx -\left(1-{\frac {Nre^{-Nr}}{1-e^{-Nr}}}\right){\frac {\Delta r}{r}}} 641: 4421: 856:

deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, but under the present

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Congressman Barney Frank Hearing Before the Committee on Financial Services: US House of Representatives, 108th Congress, first session,9-10-2003 pg 3

3109: 2280:

According to a 2020 study, the main driver behind shifts in house prices were shifts in beliefs, rather than a shift in underlying credit conditions.

7192: 6299: 5082: 3512:"Data on the Risk Characteristics and Performance of Single-Family Mortgages Originated from 2001 through 2008 and Financed in the Secondary Market" 7355: 4131: 6837: 6826: 6030: 1241: 841: 2466:

so-called "seller-funded" downpayment programs. Most must cease providing grants on FHA loans immediately; one can operate until March 31, 2008.

4107: 6282: 4350: 2644: 7484: 6330: 5502: 5309: 5282: 4957: 4816: 4238: 4061: 3842: 2267: 2000:

However, housing prices can move both up and down in local markets, as evidenced by the relatively recent price history in locations such as

1045: 954:

Parallel bubble-bust cycles occurred outside of the residential housing markets (for example, in commercial real estate and consumer credit).

853: 3185:"How Cleveland Aggravated Its Foreclosure Problem and Lost Millions in Tax Dollars - All to Help People Purchase Homes They Couldn't Afford" 1057: 5325: 4745: 4708: 3272: 2207: 1444:{\displaystyle \textstyle {{\rm {monthly}} \atop {\rm {payment}}}={\frac {r}{1-(1+r)^{-N}}}{\scriptstyle {{Who}\times {\rm {Principal}}}}} 6622: 5918: 4513: 4033: 3888:

Hearing Before the Committee on Banking, Housing, and Urban Affairs: US Senate, 108th Congress, first and second session,2-25-2004 pg 454

3644:"SEC Charges Former Fannie Mae and Freddie Mac Executives with Securities Fraud", Securities and Exchange Commission, December 16, 2011, 2227:

home prices began to rise dramatically in 2000–2001 following the fall in interest rates, speculative purchases of homes also increased.

5631: 1901:

Somewhat paradoxically, as the housing bubble deflates some metropolitan areas (such as Denver and Atlanta) have been experiencing high

898: 6023: 4922:"Eight Market Spins About Housing by Perma-Bull Spin-Doctors ... And the Reality of the Coming Ugliest Housing Bust Ever ..." 686: 7331: 6440: 4780: 4266: 2074:, and where the housing supply is notably limited) over a 350 year period. Such meager returns are dwarfed by investments in the 1233: 1021:, that would make the SEC's estimate of GSE substandard loans about $ 2 trillion - significantly higher than Edward Pinto's estimate. 453: 3511: 3151: 2573: 1077:, "excessive risk-taking and the housing boom" were brought on by the Federal Reserve holding "interest rates too low for too long". 727: 6164: 3403: 2693: 2087:, which for houses can be defined as the price of the house divided by the potential annual rental income, minus expenses including 2243:

said of the impact of speculators on long term valuations, "I worry about a big fall because prices today are being supported by a

6673: 3246: 2656: 2492:

rates, with more than 25 subprime lenders declaring bankruptcy, announcing significant losses, or putting themselves up for sale.

6931: 6470: 6412: 3356: 3316:

An, Xudong; Sanders, Anthony B. (2010-12-06). "Default of Commercial Mortgage Loans during the Financial Crisis". Rochester, NY.

2459: 2041: 960:

The U.S. government's market share of home mortgages was actually declining precipitously during the housing bubble of the 2000s.

661: 657: 2960: 2183:]." Commenting on the phenomenon of shifting NAR accounts of the national housing market (see David Lereah's comments), the 597:

For the example of the $ 250,000 home considered above, the P/E ratio would be 24 if this home rents for $ 1250 per month.

7325: 6703: 3721: 3486: 2423: 1878: 820: 770: 3659: 313:{\displaystyle \scriptstyle {\scriptstyle {\rm {cost}}}\approx {\Big (}{\big (}{\frac {r}{1-(1+r)^{-N}}}+r_{\rm {PT}}{\big )}} 7146: 7029: 4170: 3617:"Housing Policy, Subprime Markets and Fannie Mae and Freddie Mac: What We Know, What We Think We Know and What We Don't Know" 2360: 2028:; large trends of up and down price fluctuations can be seen in many U.S. cities (see graph). Since 2005, the year-over-year 1470: 4436: 2220:), thus eliminating all but the counterparty risk of the contract, but doubling the nominal value of outstanding contracts. 5124: 4921: 2792: 2216:

common solution has been to create an equal and opposite contract, often with a different party, in order to net payments (

2177:

interview that "we've had a boom marketplace: you've got to correct because booms cannot sustain itself forever [

1018: 933: 909: 4880: 4548: 652:, and investors", "low mortgage interest rates, low short-term interest rates, relaxed standards for mortgage loans, and 7369: 7307: 6990: 6510: 6362: 5189: 4224: 3773: 2817: 2774: 2538: 2499: 2156:

Why Home Values and Other Real Estate Investments Will Climb Through The End of The Decade - And How to Profit From Them

777: 620: 5981: 5837: 5475: 4192: 7295: 7283: 7252: 5964:

Huang, Haifung and Yao Tang, "Dropping the Geographic-Constraint Variable Makes Only a Minor Difference: Reply to Cox"

5361: 5249: 4677: 4614: 3547: 3210: 2594: 714: 6384: 5604: 5420: 3923: 2517:

2006, citing concerns that these financial products could hurt individual borrowers the most and "worsen the bust".

950:

Law professor David Min argues that view (blaming GSE's and CRA) "is clearly contradicted by the facts", namely that

6405: 4595:

he American housing boom is now the mother of all bubbles—in sheer volume, if not in degrees of speculative madness.

4306: 7412: 7181: 7083: 7047: 7041: 6949: 6871: 6696: 5235:, "a six-episode original series chronicling the high-stakes, cutthroat world of real estate in a thriving market". 4230: 3017: 1092: 1025: 905: 857: 4490: 2103:

was 45, while in 2005–2007 around 17. In a 2007 article comparing the cost and risks of renting to buying using a

585:{\displaystyle \textstyle {\scriptstyle {\rm {P/E\ ratio}}}={\frac {\rm {Price}}{{\rm {Rent}}-{\rm {Expenses}}}}.} 7479: 7448: 6883: 5583: 5568: 5196: 781: 763: 6406:"Mortgage Financing: Additional Action Needed to Manage Risks of FHA-Insured Loans with Down Payment Assistance" 4906: 2146:

In late 2005 and into 2006, there were an abundance of television programs promoting real estate investment and

868:

that will make taxpayers pay dearly." Critics have also noted de facto deregulation through a shift in mortgage

7349: 7337: 6967: 6444: 5760: 5537: 5255: 3910: 3742: 3461:"Harvard Report Finds Excessive Risk Taking and Lapses in Regulation Led to the Nonprime Mortgage Lending Boom" 3355:

Amadeo, Kimberly, "Commercial Real Estate Lending" in News & Issues-US Economy(About.com, November, 2013),

2981: 2521: 2485: 2411: 2385: 2352: 1122: 1033: 897:

has stated that the housing crisis was "created by reckless government policies". Republican appointee to the

6901: 5003: 4381: 3947:"International Finance Discussion Papers, Number 841, House Prices and Monetary Policy: A Cross-Country Study" 3184: 3141:

Joseph Fried, Who Really Drove the Economy Into the Ditch? (New York, NY: Algora Publishing, 2012), Chapter 6.

2621: 1734:(fixed-rate loans). For interest-only mortgages, the change in principal yielding the same monthly payment is 5406: 4982: 4852: 3826: 872:

market share from more highly regulated Government Sponsored Enterprises to less regulated investment banks.

7400: 7361: 7289: 7071: 7059: 6895: 6003: 5588: 5542: 5330: 5070: 5030: 4311: 3726: 3695: 3218: 2882: 2843: 2713: 2657:

A Summary of the Primary Causes of the Housing Bubble and the Resulting Credit Crisis: A Non-Technical Paper

2543: 2063: 1841:{\displaystyle \textstyle {\frac {\Delta {\rm {Principal}}}{\rm {Principal}}}\approx -{\frac {\Delta r}{r}}} 6056: 4053:

American Theocracy: The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21st Century

3432:"Fannie Mae and Freddie Mac Analysis of Options for Revising the Housing Enterprises' Long-term Structures" 2498:

warned of the danger of rising interest rates for recent homebuyers holding such mortgages, as well as the

2427: 733: 7394: 7374: 7343: 7319: 7235: 7005: 6889: 5231: 4560:

At a minimum, there's a little froth ... It's hard not to see that there are a lot of local bubbles.

4462: 2199:

that using the word "boom" in the title was actually his publisher's idea, and "a poor choice of titles".

1875: 1153:

land use and thus its supply. In areas like Houston which has no zoning laws the Fed rate had no effect.)

1049: 965:

government mandated substandard loans – generally with low or no downpayments" as was the case in the US.

957:

Parallel financial crises struck other countries, which did not have analogous affordable housing policies

706: 17: 6309: 6232: 3995: 2304:

does not encompass those areas. Therefore, one would argue, such geographic constraints are a non issue.

1260:

opined that "The Fed should have tightened earlier to avoid a festering of the housing bubble early on."

7418: 7406: 7313: 7095: 7017: 6919: 6913: 6804: 6793: 6765: 6740: 5937: 5891: 5855: 5802: 5728: 5430: 5425: 5226: 5007: 4794: 4625: 4141: 3953: 3421:

Joseph Fried, Who Really Drove the Economy Into the Ditch? (New York, NY: Algora Publishing, 2012), 141.

3374:

Gierach, Denice A., "Waiting for the other shoe to drop in commercial real estate", (Chicago, Illinois,

3329: 3242: 3132:

Joseph Fried, Who Really Drove the Economy Into the Ditch? (New York, NY: Algora Publishing, 2012), 121.

2993: 2857: 2301: 2254: 2196: 2104: 747:

Starting in the 1980s, considerable deregulation took place in banking. Banks were deregulated through:

653: 6010:

investors. These days, the only thing that comes close to real estate as a national obsession is poker.

5721:"Housing Supply, The National Bureau of Economic Research, NBER Reporter: Research Summary Spring 2004" 4401: 3860: 3971: 2503:

already declining real wages, and push our debt-ridden economy into Japan-style stagnation or worse."

7089: 7023: 6955: 6907: 6865: 6592: 5244: 4355: 4285: 2936: 2494: 2419: 1871: 1174: 849: 665: 649: 5382: 4360: 4165: 2059: 1121:

percentage points (from 8% to all-time historical low of about 5.5%). The interest rate on one-year

7208: 7170: 7152: 7125: 7107: 6877: 6842: 6781: 6755: 5563: 5350: 5238: 5129: 4827: 4609: 4578: 3996:"There Goes the Neighborhood: Why home prices are about to plummet—and take the recovery with them" 2562: 2356: 1277: 1253: 191: 70: 6632: 6340: 5512: 4967: 4652: 3816:

NBER-Agarwal, Benmelich, Bergman, Seru-"Did the Community Reinvestment Act Lead to Risky Lending?"

2367:, which were offering irrationally low interest rates and irrationally high levels of approval to 2211:

Total US derivatives and total US wealth 1995–2007 compared to total world wealth in the year 2000

788:

Several authors single out the banking deregulation by the Gramm–Leach–Bliley Act as significant.

124: 92: 7176: 7164: 7119: 7077: 6973: 6961: 6820: 6750: 6652: 6207: 6113: 5968: 5686: 5636: 5480: 5450: 5102: 5097: 4823: 4083: 4016: 4000: 3838: 3110:

full text of Sen. Marco Rubio's (R-FL) Republican Address to the Nation, as prepared for delivery

2945: 2862: 2751: 2599: 2431: 2415: 2229: 2217: 2109: 1170: 1024:

The Federal Reserve also estimated that only six percent of higher-priced loans were extended by

645: 599: 160: 6441:"IRS Targets Down-Payment-Assistance Scams; Seller-Funded Programs Do Not Qualify As Tax Exempt" 3946: 6148: 5794: 4716: 4617: 3616: 404:{\displaystyle \scriptstyle {}\qquad {}\times (1-r_{\rm {IT}})+r_{\rm {M}}{\Big )}\times P/12.} 7424: 7053: 7000: 6979: 6943: 6925: 6831: 6787: 6160: 5998: 5922: 5768: 5678: 5305: 5278: 5025: 4523: 4330: 4262: 4234: 4057: 4030: 3803: 3799: 3399: 3395: 3389: 3357:

http://useconomy.about.com/od/grossdomesticproduct/tp/Commercial-Real-Estate-Loan-Defaults.htm

3321: 3317: 2743: 2689: 2685: 2368: 2244: 1952: 1895: 1544: 1140:

exceeded the 50% that might be explained by the cost of borrowing using ARMs. For example, in

901: 861: 33: 6143:

Credit Risk Frontiers: Subprime Crisis, Pricing and Hedging, CVA, MBS, Ratings, and Liquidity

5486:

America was awash in a stark, raving frenzy that looked every bit as crazy as dot-com stocks.

5259:

in which he "guts his childhood home with the goal of flipping it for more than $ 1 million."

7268: 7263: 7240: 7035: 6745: 6448: 6304: 6277: 6273:"Adjustable-rate loans come home to roost: Some squeezed as interest rises, home values sag" 6183: 6152: 6140: 6105: 6097: 6034: 5670: 5171: 4078: 3590: 3189: 2733: 2729: 2725: 2507: 2481: 2407: 2364: 1994: 1130: 1074: 1029: 939: 6607: 5658: 7384: 7246: 7214: 7136: 7011: 6937: 6719: 6647: 5950: 5904: 5868: 5815: 5780: 5741: 5445: 5219: 5213: 5201: 4884: 4712: 4637: 4518: 4406: 4317:

The Fed is facing a nightmare now: the recession will come and easing will not prevent it.

4290: 4037: 3865: 3522: 3363: 3342: 2834: 2821: 2799: 2778: 2663: 2577: 2570: 2372: 2324: 2166: 2147: 1928: 1257: 1166: 1145: 816: 741: 737: 633: 69:

An approximate formula for the monthly cost of owning a home is obtained by computing the

6544: 1002:

According to Min, while Fannie and Freddie did buy high-risk mortgage-backed securities,

7453: 7301: 7278: 7202: 7158: 7113: 7101: 5299: 5208: 5050: 4543: 4197: 4020: 3928: 2343: 2316: 2240: 2096: 2092: 2088: 2084: 2079: 2051: 1963: 1943:

worse off than before they bought." The boom in housing has also created a boom in the

1892: 1881: 1855: 1249: 1136: 1109: 1081: 1070: 983: 869: 833: 668: 637: 604: 449: 445: 438: 5044:

Plot of inflation-adjusted home price appreciation in several U.S. cities, 1990–2005:

4942:] TV programs. So, be prepared to understand this misinformation, myths and spins. 2173:'s comments on the "downturn of the housing market" in August 2006, Lereah said in an 927:

Regarding the Community Reinvestment Act (CRA), economist Stan Liebowitz wrote in the

7473: 7438: 6859: 6141: 5720: 5690: 5533: 5507: 5272: 5161: 5054:

Plot of inflation-adjusted home price appreciation in several U.S. cities, 1990–2005.

4901: 4254: 4051: 4026: 3976: 3578: 3155: 2755: 2678: 2192: 2033: 2001: 1976: 1457: 1200: 1191: 1105: 1097: 845: 837: 625: 74: 46: 42: 6117: 3702:. Board of Governors of the Federal Reserve System, Washington, D.C.December 3, 2008 3214: 2877: 2838: 7443: 7065: 6735: 6730: 6678: 6627: 6571: 6083:"The devil is in the tails: actuarial mathematics and the subprime mortgage crisis" 4657: 4441: 4136: 3645: 3441:. United States Government Accountability Office Report to Congressional Committees 3169: 2940: 2512: 2470: 2249: 2235: 2170: 2075: 2037: 1149: 865: 801: 793: 418: 6082: 1547:) for continuously compounded interest, this results in the approximate equation 7225: 6814: 6775: 6335: 5184: 4962: 4925: 3815: 2489: 2450: 2332: 2274: 2184: 2071: 2058:

increased 0.4% per year from 1890 to 2004, and 0.7% per year from 1940 to 2004.

2055: 2005: 1944: 1932:

magazine (itself taken as a sign of the bubble's peak)—but as a 2007 article in

1902: 1884:, arguedthat the United States was not experiencing a nationwide housing bubble 1012:

maintains) that Fannie Mae and Freddie Mac reported as subprime and substandard

917: 894: 877: 809: 789: 676: 629: 6156: 6109: 5038: 4877: 3594: 2998: 2446: 2100: 1985: 1874:

has been non-uniform to such an extent that some economists, including former

1464: 1161: 1104:

In the United States, mortgage rates are typically set in relation to 10-year

987: 913: 825: 797: 672: 6522: 6101: 5682: 3296:"Dissent from the Majority Report of the Financial Crisis Inquiry Commission" 2814: 2771: 2747: 6484: 5609: 4987: 4857: 4682: 4495: 4386: 2067: 2025: 1914: 1906: 1182: 1178: 1141: 813: 50: 5883: 4983:"Existing home sales drop 4.1% in July, median prices drop in most regions" 3555: 2525:

Alt-A mortgages rose in 2007. The manager of the world's largest bond fund

3431: 2977: 2300:

of geographic constraints in the surrounding Portland area, their current

6416: 6233:"FRB: Speech-Bernanke, Fostering Sustainable Homeownership-14 March 2008" 5755:

Wisconsin School of Business & The Lincoln Institute of Land Policy.

2738: 2391: 2327:

and technology sectors in 2000 led to a (approximately) 70% drop in the

5982:

Cox, Wendell. "Constraints on Housing Supply: Natural and Regulatory",

5386: 5301:

Why the Real Estate Boom Will Not Bust - And How You Can Profit from It

4467: 4335: 2160:

Why the Real Estate Boom Will Not Bust - And How You Can Profit from It

2158:, published in February 2005. One year later, Lereah retitled his book 1910: 5177: 4775: 4740: 2897:

Peek, Joe. "A Call to ARMS: Adjustable Rate Mortgages in the 1980s".

2566: 2328: 2224: 2124: 2029: 2021: 2009: 1956: 1934: 744:

banks. It also set strict limits on Banks' interest rates and loans.

618:

Observers and analysts have attributed the reasons for the 2001–2006

6688: 3934:

Froth in housing markets may be spilling over into mortgage markets.

3265:"Why Wallison Is Wrong About the Genesis of the U.S. Housing Crisis" 755:

of 1980 (allowing similar banks to merge and set any interest rate).

5674: 3050: 1272:

Differential relationship between interest rates and affordability.

5049: 4817:"Census Bureau Reports on Residential Vacancies and Homeownership" 4764: 4762: 4160: 4158: 2714:"The Role of Housing and Mortgage Markets in the Financial Crisis" 2526: 2435: 2206: 2017: 2013: 1989: 1939: 1160: 38: 32: 5538:"Is There Still Profit to Be Made From Buying Fixer-Upper Homes?" 4422:"S&P/Case-Shiller Home Price Indices-historical spreadsheets" 4307:"Fed Holds Interest Rates Steady As Slowdown Outweighs Inflation" 5657:

Kaplan, Greg; Mitman, Kurt; Violante, Giovanni L. (2020-03-02).

5156: 4331:"Poll: Fed to leave U.S. rates at 5.25 percent through end-2008" 2312: 1980: 732:

Historically, the financial sector was heavily regulated by the

6692: 5559:"Housing Bubble Trouble: Have we been living beyond our means?" 4351:"In bold stroke, Fed cuts base rate half point to 4.75 percent" 3696:"The Community Reinvestment Act and the Recent Mortgage Crisis" 3577:

Glaeser, Edward L.; Gyourko, Joseph; Saiz, Albert (June 2008).

3239:"Private sector loans, not Fannie or Freddie, triggered crisis" 73:, property tax, and maintenance costs, accounting for the U.S. 5355: 4938: 4932: 4193:"Fed's Bies, Fisher See Inflation Rate Beginning to Come Down" 4166:"Official Says Bad Data Fueled Rate Cuts, Housing Speculation" 4103: 3086:"No, Marco Rubio, government did not cause the housing crisis" 3013: 2712:

Adelino, Manuel; Schoar, Antoinette; Severino, Felipe (2018).

2347:

Common indexes used for Adjustable Rate Mortgages (1996–2006).

2179: 2174: 2066:, comparable results for housing prices on a single street in 683:

but rather greater mortgage lending across all income groups.

5919:"How Much Will Your New House Cost?, About.com: Architecture" 5446:"Steep Rise in Prices for Homes Adds to Worry About a Bubble" 3924:"Housing Bubble Bursts in the Market for U.S. Mortgage Bonds" 2371:

consumers because they were calculating aggregate risk using

753:

Depository Institutions Deregulation and Monetary Control Act

4618:

https://www.pbs.org/moyers/journal/06292007/transcript5.html

1997:, and appears to be encouraged by the real estate industry. 773:

of 1999 (allowing commercial and investment banks to merge).

3700:

Speech at the Confronting Concentrated Poverty Policy Forum

2032:

sale prices (inflation-adjusted) of single family homes in

982:

In their book on the financial crisis Business journalists

6057:"Recipe for Disaster: The Formula That Killed Wall Street" 2351:

Excessive consumer housing debt was in turn caused by the

4795:"New recorad: Nearly a half-million real estate licenses" 2477:

miscalculations by both public and private institutions.

6081:

Donnelly, Catherine; Embrechts, Paul (January 4, 2010).

5383:"Average price of home tops $ 200,000 amid sales frenzy" 3487:"Conclusions of the Financial Crisis Inquiry Commission" 3467:. Joint Center for Housing Studies of Harvard University 6590:

Hudson, Michael (May 2006). "The New Road to Serfdom".

6178: 6176: 2520:

To address the problems arising from "liar loans", the

1528:{\displaystyle \scriptstyle (1+r/K)^{NK}\approx e^{Nr}} 1032:, argued that the CRA could not be responsible for the 664:

political parties have been cited for "pushing to keep

66:

Approximate cost to own mortgaged property vs. renting.

5407:"Public remarks from NAR chief economist David Lereah" 5376: 5374: 4539:"Greenspan Calls Home-Price Speculation Unsustainable" 4508: 4506: 3982:

The Fed, in effect, has become a serial bubble blower.

2506:

Factors that could contribute to rising rates are the

2191:

Upon leaving the NAR in May 2007, Lereah explained to

2054:

shows that over long periods, inflation adjusted U.S.

1746: 1559: 1474: 1390: 1291: 469: 467: 328: 208: 206: 6208:"NPR: Economists Brace for Worsening Subprime Crisis" 5401: 5399: 5019: 5017: 3295: 3152:

The Real Scandal - How feds invited the mortgage mess

1926:

evidenced by the cover of the June 13, 2005 issue of

1745: 1558: 1473: 1290: 466: 327: 205: 163: 127: 95: 4382:"Greenspan: 'Local bubbles' build in housing sector" 4017:"Morgan Stanley Global Economic Forum: Original Sin" 3417: 3415: 2876:

Gjerstad, Steven; Smith, Vernon L. (April 6, 2009).

840:

have also criticized the Act as contributing to the

41:(1980–2005) compared to home price appreciation the 7383: 7262: 7224: 7191: 7135: 6989: 6852: 6803: 6764: 4187: 4185: 844:. They state that while "in a world regulated by a 603:cites a historic range of 11 or 12 for the simpler 6489:Federal Financial Institutions Examination Council 6300:"Lenders Will Be Spotting Income Fibs Much Faster" 4952: 4950: 4930:A lot of spin is being furiously spinned [ 3554:. UNC Center for Community Capital. Archived from 2677: 2588: 2586: 1840: 1721: 1527: 1443: 1181:prices down, that usually puts the economy into a 584: 403: 312: 178: 145: 113: 6255:"Fannie Mae Eases Credit To Aid Mortgage Lending" 5659:"The Housing Boom and Bust: Model Meets Evidence" 5391:There's a speculative element in home buying now. 4463:"Home prices tumble as consumer confidence sinks" 3901:, pg 11 8-20-2007 quotes Congressman Barney Frank 3052:Competition and Crisis in Mortgage Securitization 2793:Impact of 1986 Tax Reform Act on Homeowners Today 2339:Risky mortgage products and lax lending standards 2335:, believing it to be a more reliable investment. 2253:interview, Angelo Mozilo, CEO of mortgage lender 1252:in 2000 contributed to the subsequent recession. 728:Financial crisis of 2007–2009 § Deregulation 381: 232: 6378: 6376: 6184:"Warning signs of a bad home loan (Page 2 of 2)" 5831:"RPX Monthly Housing Market Report, Radar Logic" 5125:"TV's Hot Properties: Real Estate Reality Shows" 4437:"California cities fill top 10 foreclosure list" 3646:https://www.sec.gov/news/press/2011/2011-267.htm 3521:. Federal Housing Finance Agency. Archived from 2961:"Democrats, Republicans and Wall Street Tycoons" 2645:Did Fannie and Freddie Cause the Housing Bubble? 6596:. Vol. 312, no. 1872. pp. 39–46. 6294: 6292: 5704:Zuckerman, Mortimer B. (November 17–24, 2008). 5098:"A Word of Advice During a Housing Slump: Rent" 4280: 4278: 2259: 2115: 1114: 1048:Chairman Sheila Bair, and Ellen Seidman of the 916:" (Federal National Mortgage Association) and " 5343: 5341: 3012:Ekelund, Robert; Thornton, Mark (2008-09-04). 2978:Who's Whining Now? Gramm Slammed By Economists 2858:Tax Break May Have Helped Cause Housing Bubble 2815:1. Proposal for Amending I.R.C. §121 and §1034 2772:1. Proposal for Amending I.R.C. §121 and §1034 6704: 6545:"Lessons Not Learned From the Housing Crisis" 6202: 6200: 5884:"Top 20 Most Expensive Cities, Househunt.com" 4286:"Fed holds rates for first time in two years" 304: 239: 8: 3897:"A (Sub)Prime Argument for More Regulation" 3766:"Don't Blame the Community Reinvestment Act" 3751:Conference before the New America Foundation 3548:"Fannie, Freddie and the Foreclosure Crisis" 3233: 3231: 3229: 3227: 2640: 2638: 2062:also showed in what has become known as the 760:Garn–St. Germain Depository Institutions Act 6385:"Feds cut down-payment assistance programs" 5795:"Most Expensive Housing Markets, CNN Money" 5496: 5494: 4126: 4124: 3269:Center for American Progress, July 12, 2011 3067:(New York: Algora Publishing, 2012) 289-90. 3065:Who Really Drove the Economy Into the Ditch 3045: 3043: 3041: 3039: 3037: 3035: 3033: 2767: 2765: 2612: 2610: 2469:Mortgage standards became lax because of a 2095:are 11–12. For comparison, just before the 823:helped to create the crisis. An article in 6711: 6697: 6689: 6648:"Defaults Rise in Next Level of Mortgages" 6471:"'Moral hazard' helps shape mortgage mess" 5584:"Housing cooling off: Could chill economy" 5476:"Lowering the Boom? Speculators Gone Mild" 5421:"A Real Estate Bull Has a Change of Heart" 4259:The Housing Boom and Bust: Revised Edition 3119: 3117: 3079: 3077: 3075: 3073: 2390:Low interest rates, high home prices, and 1962:Suspicious Activity Reports pertaining to 785:credit that help fuel the housing bubble. 18:Causes of the United States housing bubble 4491:"Cleveland: Foreclosures weigh on market" 2737: 2284:Buying and selling above normal multiples 1822: 1785: 1754: 1753: 1747: 1744: 1703: 1683: 1659: 1646: 1598: 1567: 1566: 1560: 1557: 1543: = 2.718... is the base of the 1515: 1499: 1487: 1472: 1407: 1406: 1392: 1391: 1389: 1377: 1349: 1320: 1319: 1295: 1294: 1292: 1289: 640:". Other factors that are named include " 548: 547: 529: 528: 510: 508: 475: 471: 470: 468: 465: 392: 380: 379: 372: 371: 351: 350: 332: 329: 326: 303: 302: 292: 291: 272: 244: 238: 237: 231: 230: 210: 209: 207: 204: 169: 168: 162: 133: 132: 126: 101: 100: 94: 6363:"How HUD Mortgage Policy Fed The Crisis" 5360:The video of the report is available at 4736:"The Pin that Bursts the Housing Bubble" 3745:Did Low-income Homeownership Go Too Far? 3394:. New York: Portfolio/Penguin. pp. 2342: 1970:Belief that housing is a good investment 1108:yields, which, in turn, are affected by 1091: 685: 6331:"24 Years Old, $ 2 Million in the Hole" 6031:Center for Economic and Policy Research 5605:"10 mistakes that made flipping a flop" 4572:Evans-Pritchard, Ambrose (2006-03-23). 3167:Edward Pinto, "Yes, the CRA is Toxic", 2730:10.1146/annurev-financial-110217-023036 2554: 1920: 1100:) but then increased from 2006 to 2007. 5946: 5935: 5900: 5889: 5864: 5853: 5811: 5800: 5776: 5766: 5737: 5726: 5083:"S&P 500 Index Level Fundamentals" 4633: 4623: 4218: 4216: 4214: 4212: 4210: 4208: 3994:Wallace-Wells, Benjamin (April 2004). 3338: 3327: 3271:. americanprogress.org. Archived from 3258: 3256: 944:lend money in poorer neighbourhoods". 780:allowed federal S&Ls to originate 5274:Are You Missing the Real Estate Boom? 4132:"Is A Housing Bubble About To Burst?" 3492:. Financial Crisis Inquiry Commission 3014:"More Awful Truths About Republicans" 2268:National Association of Home Builders 2152:Are You Missing the Real Estate Boom? 1177:to slow inflation and get prices and 1046:Federal Deposit Insurance Corporation 37:Inflation-adjusted housing prices in 7: 4853:"For some, renting makes more sense" 4402:"Greenspan alert on US house prices" 3579:"Housing supply and housing bubbles" 2718:Annual Review of Financial Economics 2707: 2705: 1058:National Bureau of Economic Research 671:" and "with rare exceptions" giving 157:), and yearly maintenance cost rate 7490:Urban politics in the United States 6621:Der Hovanesian, Mara (2006-09-01). 6361:Leonnig, Carol D. (June 10, 2008). 6055:Salmon, Felix (February 23, 2009). 5632:"Russ Whitney Wants You to Be Rich" 4678:"Soros predicts American recession" 4100:"Face it: The housing bust is here" 3794:Fu, Ning; Dagher, Jihad C. (2011), 3294:Wallison, Peter J. (January 2011). 2860:, Vikas Bajaj and David Leonhardt, 1226: Effective Federal Funds Rate 899:Financial Crisis Inquiry Commission 194:of home ownership is approximately 5348:Okwu, Michael. "Bubble Bursting". 3796:Regulation and the Mortgage Crisis 3245:. December 3, 2008. Archived from 3084:Konczal, Mike (13 February 2013). 2959:Krugman, Paul (October 16, 2015). 2684:. NY: Portfolio/Penguin. pp. 2480:In March 2007, the United States' 1938:warns, "to realize that America's 1825: 1810: 1807: 1804: 1801: 1798: 1795: 1792: 1789: 1786: 1779: 1776: 1773: 1770: 1767: 1764: 1761: 1758: 1755: 1750: 1706: 1623: 1620: 1617: 1614: 1611: 1608: 1605: 1602: 1599: 1592: 1589: 1586: 1583: 1580: 1577: 1574: 1571: 1568: 1563: 1432: 1429: 1426: 1423: 1420: 1417: 1414: 1411: 1408: 1339: 1336: 1333: 1330: 1327: 1324: 1321: 1314: 1311: 1308: 1305: 1302: 1299: 1296: 1293: 570: 567: 564: 561: 558: 555: 552: 549: 539: 536: 533: 530: 523: 520: 517: 514: 511: 498: 495: 492: 489: 486: 480: 472: 373: 355: 352: 296: 293: 220: 217: 214: 211: 170: 137: 134: 105: 102: 25: 6543:Kourlas, James (April 12, 2012). 5630:Patterson, Randall (2007-03-18). 5557:Laperriere, Andrew (2006-04-10). 5326:"For Whom the Housing Bell Tolls" 4574:"No mercy now, no bail-out later" 4098:Fleckenstein, Bill (2006-08-21). 3843:"Conventional Fed Wisdom, Defied" 3722:"Fed's Kroszner: Don't Blame CRA" 3215:"How Government Stoked the Mania" 2618:"Who Caused the Economic Crisis?" 2488:due to higher-than-expected home 2036:fell over 10% in 2006. Economist 1463:, then solving for the change in 864:for financial institutions and a 628:to "everyone from home buyers to 6838:1830s Chicago real estate bubble 6827:1810s Alabama real estate bubble 6413:Government Accountability Office 6253:Holmes, Steven A. (1999-09-30). 5757:"Land Prices for 46 Metro Areas" 5474:Levenson, Eugenia (2006-03-15). 4734:Shilling, A. Gary (2005-07-21). 2460:Government Accountability Office 2042:National Association of Realtors 624:and its 2007–10 collapse in the 89:years, marginal income tax rate 6415:. November 2006. Archived from 6024:"The Housing Bubble Fact Sheet" 5708:. U.S. News & World Report. 5706:Editorial:Obama's Problem No. 1 5501:Bartiromo, Maria (2006-03-06). 5444:Leonhardt, David (2005-05-25). 5096:Leonhardt, David (2007-04-11). 4920:Roubini, Nouriel (2006-08-26). 4769:Eaves, Elisabeth (2007-06-26). 4305:Roubini, Nouriel (2006-08-09). 3660:"The Financial Crisis on Trial" 3298:. American Enterprise Institute 2620:. FactCheck.org. Archived from 2424:Collateralized debt obligations 1065:Historically low interest rates 1056:Nonetheless, economists at the 690:U.S. Median Price of Homes Sold 331: 7030:Western Australian gold rushes 5997:Shiller, Robert (2005-06-20). 5024:Shiller, Robert (2005-06-20). 5002:Greenspan, Alan (2005-08-26). 4878:Reported Suspicious Activities 4537:Greenspan, Alan (2005-05-20). 4261:. Basic Books. pp. 1–29. 4171:Federal Reserve Bank of Dallas 3922:Greenspan, Alan (2005-12-06). 3859:Greenspan, Alan (2007-09-16). 3183:Gillespie, Mark (2009-12-13). 2824:U.S. House of Representatives. 2647:Daniel Indiviglio June 3, 2010 2361:collateralized debt obligation 1496: 1475: 1374: 1361: 361: 337: 269: 256: 81:dollars, yearly interest rate 28: 1: 6509:Samuelson, Robert J. (2011). 5582:Seiders, David (2006-03-06). 5069:A long run price index - the 3970:Roach, Stephen (2004-02-26). 3764:Seidman, Ellen (2009-06-26). 2782:U.S. House of Representatives 2676:McLean, Bethany (2010–2011). 2380:Expansion of subprime lending 2085:price-to-earnings (P/E) ratio 1019:American Enterprise Institute 934:American Enterprise Institute 910:government sponsored entities 439:price-to-earnings (P/E) ratio 7485:United States housing bubble 7459:U.S. higher education bubble 7370:Chinese stock bubble of 2007 7332:United States housing bubble 7326:2000s Danish property bubble 7308:Baltic states housing bubble 7084:Second Nova Scotia Gold Rush 6575:. 2007-03-07. Archived from 6469:Lewis, Holden (2007-04-18). 6447:. 2006-05-04. Archived from 6339:. 2006-09-25. Archived from 6308:. 2006-10-01. Archived from 6281:. 2006-01-11. Archived from 5663:Journal of Political Economy 5381:Lereah, David (2005-05-25). 5190:Location, Location, Location 5123:Wiltz, Teresa (2005-12-28). 4981:Lereah, David (2005-08-24). 4966:. 2006-06-09. Archived from 4905:. 2005-06-22. Archived from 4826:. 2007-10-26. Archived from 4707:Kiyosaki, Robert (c. 2005). 4522:. 2005-06-13. Archived from 4435:Christie, Les (2007-08-14). 4359:. 2007-09-17. Archived from 4140:. 2004-07-19. Archived from 4079:"Intimations of a Recession" 4077:Krugman, Paul (2006-08-07). 3827:Far Too Low for Far Too Long 2914:"What Bill Clinton Would Do" 2912:Madrick, Jeff (2011-12-09). 2878:"From Bubble to Depression?" 2839:"The Clinton Housing Bubble" 2539:Resolution Trust Corporation 2266:The chief economist for the 1220: 3 month Treasury Bond 1208: 10 Year Treasury Bond 829:has made the same argument. 778:Federal Home Loan Bank Board 146:{\displaystyle r_{\rm {PT}}} 114:{\displaystyle r_{\rm {IT}}} 7296:Japanese asset price bubble 7284:New Zealand property bubble 7253:New Zealand property bubble 7182:Third Nova Scotia Gold Rush 6950:First Nova Scotia Gold Rush 6646:Bajaj, Vikas (2007-04-10). 6567:"The Mortgage Mess Spreads" 5719:Glaeser, Edward L. (2004). 5603:Knox, Noelle (2006-10-22). 5503:"Jitters On The Home Front" 4924:RGE Monitor. Archived from 4851:Knox, Noelle (2006-08-10). 4799:Sacramento Business Journal 4676:Booth, Jenny (2006-01-09). 4651:Zweig, Jason (2005-05-02). 4489:Knox, Noelle (2006-11-21). 4329:Reese, Chris (2007-06-14). 3741:Bair, Sheila (2008-12-17). 2994:John McCain: Crisis Enabler 2949:. Published March 29, 2008. 2899:New England Economic Review 2593:Tully, Shawn (2003-12-22). 2292:prices for existing homes. 1214: 2 Year Treasury Bond 1069:According to some, such as 715:Taxpayer Relief Act of 1997 456:and fees. This formula is: 179:{\displaystyle r_{\rm {M}}} 7506: 7413:Australian property bubble 7048:Tierra del Fuego gold rush 6932:Colorado River mining boom 6872:Queen Charlottes Gold Rush 6157:10.1002/9781118531839.ch13 5986:8(1): 13-27, January 2011. 5972:8(1): 28-32, January 2011. 5167:What You Get for the Money 5149:Reality TV programs about 4231:Princeton University Press 3583:Journal of Urban Economics 3018:Ludwig von Mises Institute 2383: 2218:Derivatives market#Netting 1921:'Mania' for home ownership 1467:. Using the approximation 1026:Community Reinvestment Act 906:Community Reinvestment Act 725: 656:" Politicians in both the 7449:Social media stock bubble 7434: 6991:2nd Industrial Revolution 6884:New South Wales gold rush 6805:1st Industrial Revolution 6726: 6515:Claremont Review of Books 6022:Baker, Dean (July 2005). 5829:Quinn, W. Eddins (2009). 3829:| JW Mason| April 6, 2012 3595:10.1016/j.jue.2008.07.007 3388:Mclean, Bethany (2011) . 3263:Min, David (2011-07-13). 2412:adjustable rate mortgages 2239:magazine, Yale economist 1123:adjustable rate mortgages 782:Adjustable-rate mortgages 764:Adjustable-rate mortgages 186:(assumed to be 0.5–1% of 153:(assumed to be 0.5–2% of 7350:Canadian property bubble 7338:Romanian property bubble 7177:1930s Kakamega gold rush 6968:Vermilion Lake gold rush 6445:Internal Revenue Service 6102:10.2143/AST.40.1.2049222 5256:The Adam Carolla Project 4582:. London. Archived from 4223:Shiller, Robert (2005). 4050:Phillips, Kevin (2006). 2595:"The New Home Economics" 2522:Internal Revenue Service 2386:Subprime mortgage crisis 2353:mortgage-backed security 2070:(the site of the fabled 1192:30 year mortgage average 1034:subprime mortgage crisis 7401:Lebanese housing bubble 7362:Lebanese housing bubble 7356:Chinese property bubble 7290:Spanish property bubble 7147:1920s Florida land boom 7072:Cripple Creek Gold Rush 7060:Witwatersrand Gold Rush 7001:1870s Lapland gold rush 6896:Fraser Canyon Gold Rush 6521:(1): 13. Archived from 5999:"The Bubble's New Home" 5589:San Diego Union Tribune 5543:The Wall Street Journal 5026:"The Bubble's New Home" 4958:"I want my bubble back" 4312:The Wall Street Journal 4015:Roach, Stephen (2005). 3727:The Wall Street Journal 3391:All the Devils Are Here 3219:The Wall Street Journal 2883:The Wall Street Journal 2844:The Wall Street Journal 2680:All the Devils Are Here 2544:Savings and loan crisis 2416:interest-only mortgages 2398:billion (20%) in 2006. 2308:Dot-com bubble collapse 2105:buy vs. rent calculator 2064:Herengracht house index 7395:2000s commodities boom 7375:Uranium bubble of 2007 7344:Polish property bubble 7320:2000s commodities boom 7236:1970s commodities boom 7006:Coromandel Gold Rushes 6890:Australian gold rushes 5945:Cite journal requires 5899:Cite journal requires 5863:Cite journal requires 5810:Cite journal requires 5736:Cite journal requires 5362:an entry of 2006-08-19 5304:. Currency/Doubleday. 5298:Lereah, David (2005). 5277:. Currency/Doubleday. 5271:Lereah, David (2005). 5232:Million Dollar Listing 5055: 4771:"Don't Buy That House" 3337:Cite journal requires 2348: 2264: 2257:, said in March 2006: 2212: 2142:Promotion in the media 2120: 1842: 1723: 1529: 1445: 1244: 1157:Return to higher rates 1118: 1101: 1050:New America Foundation 1042: 1009: 980: 771:Gramm–Leach–Bliley Act 707:Tax Reform Act of 1986 691: 679:"unwavering support". 586: 405: 314: 180: 147: 115: 54: 7419:Cryptocurrency bubble 7407:Corporate debt bubble 7314:Irish property bubble 7096:Mount Baker gold rush 7018:Black Hills gold rush 6920:Similkameen Gold Rush 6914:Pennsylvania oil rush 6902:Pike's Peak gold rush 6794:Bengal Bubble of 1769 6766:Commercial revolution 6741:Irrational exuberance 6635:on November 16, 2006. 6623:"Nightmare Mortgages" 5431:National Public Radio 5426:All Things Considered 5053: 5008:Federal Reserve Board 4634:|transcript-url= 4226:Irrational Exuberance 3954:Federal Reserve Board 3770:The American Prospect 3694:Kroszner, Randall S. 3002:. September 21, 2008. 2984:. September 19, 2008. 2837:(December 18, 2007). 2561:A derivation for the 2428:Frozen credit markets 2346: 2302:urban growth boundary 2255:Countrywide Financial 2210: 2197:National Public Radio 2099:the P/E ratio of the 1979:used to pay down the 1843: 1724: 1530: 1446: 1201:30 Year Treasury Bond 1164: 1095: 1038: 1004: 976: 819:has also argued that 689: 654:irrational exuberance 642:Mortgage underwriters 587: 406: 315: 181: 148: 116: 36: 7090:Kobuk River Stampede 7024:Colorado Silver Boom 6956:West Coast gold rush 6908:Rock Creek Gold Rush 6866:California gold rush 6608:"Payment Option ARM" 6579:on November 7, 2012. 6235:. Federalreserve.gov 5571:on December 8, 2012. 5245:The Learning Channel 4607:"Episode 06292007". 3528:on February 20, 2013 3249:on October 18, 2010. 2937:The Gramm connection 2420:Credit default swaps 2093:price-to-rent ratios 1893:S&P/Case-Shiller 1743: 1556: 1539: → ∞, and 1471: 1456:with respect to the 1288: 1175:Inverted yield curve 1148:, as well as on the 1014:less than 10 percent 858:fiat monetary system 850:100% reserve banking 464: 325: 203: 161: 125: 121:, property tax rate 93: 7226:The Great Inflation 7209:Porcupine Gold Rush 7193:Post–WWII expansion 7171:Porcupine Gold Rush 7153:Fairbanks Gold Rush 7126:Porcupine Gold Rush 7108:Fairbanks Gold Rush 6878:Victorian gold rush 6843:Chilean silver rush 6756:Stock market bubble 6547:. The Atlas Society 6511:"Reckless Optimism" 5564:The Weekly Standard 5130:The Washington Post 4653:"The Oracle Speaks" 4610:Bill Moyers Journal 4579:The Daily Telegraph 3841:(August 13, 2011). 3839:Morgenson, Gretchen 3743:"Prepared Remarks: 3730:. December 3, 2008. 3376:The Business Ledger 3275:on 23 February 2015 2901:(March/April 1990). 2866:, December 18, 2008 2432:stated income loans 2363:sub-sectors of the 2357:credit default swap 2165:However, following 1254:New York University 1110:Federal Funds rates 1080:In the wake of the 893:Republican Senator 796:has called Senator 792:-winning economist 695:Government policies 605:price-to-rent ratio 7165:Cobalt silver rush 7120:Cobalt silver rush 7078:Klondike Gold Rush 6974:Kildonan Gold Rush 6962:Big Bend Gold Rush 6821:Carolina gold rush 6782:Mississippi bubble 6751:Real-estate bubble 6653:The New York Times 6259:The New York Times 6147:. Wiley. pp. 6110:20.500.11850/20517 5984:Econ Journal Watch 5969:Econ Journal Watch 5779:has generic name ( 5637:The New York Times 5451:The New York Times 5103:The New York Times 5056: 4883:2008-07-24 at the 4824:U.S. Census Bureau 4514:"Home $ weet Home" 4084:The New York Times 4036:2006-10-18 at the 4001:Washington Monthly 3956:. September 2005. 3861:"A global outlook" 3847:The New York Times 3519:September 13, 2010 3465:September 27, 2010 3362:2014-04-13 at the 3221:, October 3, 2008. 3158:, February 5, 2008 3049:Michael Simkovic, 2965:The New York Times 2946:The New York Times 2918:The New York Times 2863:The New York Times 2820:2011-06-04 at the 2798:2009-10-31 at the 2777:2011-06-04 at the 2662:2013-03-07 at the 2576:2008-07-04 at the 2508:U.S. national debt 2484:mortgage industry 2408:subprime mortgages 2406:The recent use of 2349: 2213: 2110:The New York Times 1838: 1837: 1719: 1718: 1525: 1524: 1441: 1440: 1438: 1245: 1171:Federal funds rate 1102: 762:of 1982 (allowing 734:Glass–Steagall Act 700:Housing tax policy 692: 582: 581: 503: 401: 400: 310: 309: 225: 176: 143: 111: 55: 7467: 7466: 7425:Everything bubble 7074:(c. 1890–c. 1910) 7054:Cayoosh Gold Rush 7044:(c. 1880–c. 1930) 7032:(c. 1880–c. 1900) 7014:(c. 1870–c. 1890) 7012:Cassiar Gold Rush 7008:(c. 1870–c. 1890) 6980:Omineca Gold Rush 6944:Cariboo Gold Rush 6926:Stikine Gold Rush 6862:(c. 1840–c. 1850) 6832:Georgia Gold Rush 6817:(c. 1790–c. 1810) 6720:Financial bubbles 6593:Harper's Magazine 6487:(Press release). 5515:on April 20, 2006 5311:978-0-385-51435-4 5284:978-0-385-51434-7 5071:Herengracht index 5060: 5059: 4909:on June 25, 2005. 4783:on July 11, 2007. 4240:978-0-691-12335-6 4063:978-0-670-03486-4 3664:December 21, 2011 3658:Wallison, Peter. 2495:Harper's Magazine 2369:subprime mortgage 2323:The crash of the 2245:speculative fever 2203:Speculative fever 2139: 2138: 1953:ownership society 1896:house price index 1863: 1862: 1835: 1814: 1716: 1696: 1627: 1545:natural logarithm 1387: 1344: 1053:securitizations. 902:Peter J. Wallison 862:corporate welfare 616: 615: 612: 611: 576: 485: 427: 426: 282: 16:(Redirected from 7497: 7480:Causes of events 7269:Great Regression 7264:Great Moderation 7241:Mexican oil boom 7036:Indiana gas boom 6788:South Sea bubble 6746:Social contagion 6713: 6706: 6699: 6690: 6684: 6683: 6670: 6664: 6663: 6661: 6660: 6643: 6637: 6636: 6631:. Archived from 6618: 6612: 6611: 6604: 6598: 6597: 6587: 6581: 6580: 6563: 6557: 6556: 6554: 6552: 6540: 6534: 6533: 6531: 6530: 6506: 6500: 6499: 6497: 6496: 6481: 6475: 6474: 6466: 6460: 6459: 6457: 6456: 6437: 6431: 6430: 6428: 6427: 6421: 6410: 6402: 6396: 6395: 6393: 6392: 6380: 6371: 6370: 6358: 6352: 6351: 6349: 6348: 6327: 6321: 6320: 6318: 6317: 6305:Hartford Courant 6296: 6287: 6286: 6285:on May 23, 2008. 6278:The Boston Globe 6269: 6263: 6262: 6250: 6244: 6243: 6241: 6240: 6229: 6223: 6222: 6220: 6219: 6204: 6195: 6194: 6192: 6191: 6180: 6171: 6170: 6146: 6135: 6129: 6128: 6126: 6124: 6087: 6078: 6072: 6071: 6069: 6067: 6052: 6046: 6045: 6039: 6033:. Archived from 6028: 6019: 6013: 6012: 5994: 5988: 5979: 5973: 5961: 5955: 5954: 5948: 5943: 5941: 5933: 5931: 5930: 5921:. Archived from 5915: 5909: 5908: 5902: 5897: 5895: 5887: 5880: 5874: 5872: 5866: 5861: 5859: 5851: 5849: 5848: 5842: 5836:. Archived from 5835: 5826: 5820: 5819: 5813: 5808: 5806: 5798: 5791: 5785: 5784: 5778: 5774: 5772: 5764: 5759:. Archived from 5752: 5746: 5745: 5739: 5734: 5732: 5724: 5716: 5710: 5709: 5701: 5695: 5694: 5669:(9): 3285–3345. 5654: 5648: 5647: 5645: 5644: 5627: 5621: 5620: 5618: 5617: 5600: 5594: 5593: 5579: 5573: 5572: 5567:. Archived from 5554: 5548: 5547: 5530: 5524: 5523: 5521: 5520: 5511:. Archived from 5498: 5489: 5488: 5471: 5465: 5464: 5459: 5458: 5441: 5435: 5434: 5417: 5411: 5410: 5403: 5394: 5393: 5378: 5369: 5359: 5345: 5336: 5335: 5322: 5316: 5315: 5295: 5289: 5288: 5268: 5262: 5172:Designed to Sell 5147: 5141: 5140: 5138: 5137: 5120: 5114: 5113: 5111: 5110: 5093: 5087: 5086: 5079: 5073: 5067: 5061: 5046: 5045: 5043: 5021: 5012: 5011: 4999: 4993: 4992: 4978: 4972: 4971: 4954: 4945: 4944: 4917: 4911: 4910: 4893: 4887: 4875: 4869: 4868: 4866: 4865: 4848: 4842: 4841: 4839: 4838: 4832: 4821: 4813: 4807: 4806: 4791: 4785: 4784: 4779:. Archived from 4766: 4757: 4756: 4754: 4753: 4748:on July 23, 2005 4744:. Archived from 4731: 4725: 4724: 4715:. Archived from 4709:"All Booms Bust" 4704: 4698: 4697: 4692: 4691: 4673: 4667: 4666: 4648: 4642: 4641: 4635: 4631: 4629: 4621: 4604: 4598: 4597: 4592: 4591: 4569: 4563: 4562: 4557: 4556: 4547:. Archived from 4534: 4528: 4527: 4526:on June 8, 2005. 4510: 4501: 4500: 4486: 4480: 4479: 4477: 4476: 4459: 4453: 4452: 4450: 4449: 4432: 4426: 4425: 4418: 4412: 4411: 4398: 4392: 4391: 4378: 4372: 4371: 4369: 4368: 4347: 4341: 4340: 4326: 4320: 4319: 4302: 4296: 4295: 4282: 4273: 4272: 4251: 4245: 4244: 4220: 4203: 4202: 4189: 4180: 4179: 4162: 4153: 4152: 4150: 4149: 4128: 4119: 4118: 4116: 4115: 4106:. Archived from 4095: 4089: 4088: 4074: 4068: 4067: 4047: 4041: 4024: 4012: 4006: 4005: 3991: 3985: 3984: 3967: 3961: 3960: 3951: 3943: 3937: 3936: 3919: 3913: 3908: 3902: 3895: 3889: 3886: 3880: 3877: 3871: 3870: 3856: 3850: 3836: 3830: 3824: 3818: 3813: 3807: 3806: 3791: 3785: 3784: 3782: 3781: 3772:. Archived from 3761: 3755: 3754: 3738: 3732: 3731: 3718: 3712: 3711: 3709: 3707: 3691: 3685: 3682: 3676: 3675: 3673: 3671: 3655: 3649: 3642: 3636: 3635: 3633: 3631: 3626:. stlouisfed.org 3621: 3612: 3606: 3605: 3603: 3601: 3574: 3568: 3567: 3565: 3563: 3544: 3538: 3537: 3535: 3533: 3527: 3516: 3508: 3502: 3501: 3499: 3497: 3491: 3483: 3477: 3476: 3474: 3472: 3457: 3451: 3450: 3448: 3446: 3436: 3428: 3422: 3419: 3410: 3409: 3385: 3379: 3378:, March 4, 2010) 3372: 3366: 3353: 3347: 3346: 3340: 3335: 3333: 3325: 3313: 3307: 3306: 3304: 3303: 3291: 3285: 3284: 3282: 3280: 3260: 3251: 3250: 3235: 3222: 3208: 3202: 3201: 3199: 3198: 3190:The Plain Dealer 3180: 3174: 3165: 3159: 3150:Stan Liebowtiz, 3148: 3142: 3139: 3133: 3130: 3124: 3121: 3112: 3107: 3101: 3100: 3098: 3096: 3081: 3068: 3061: 3055: 3047: 3028: 3027: 3025: 3024: 3009: 3003: 2991: 2985: 2975: 2969: 2968: 2956: 2950: 2934: 2928: 2927: 2925: 2924: 2909: 2903: 2902: 2894: 2888: 2887: 2873: 2867: 2855: 2849: 2848: 2835:Smith, Vernon L. 2831: 2825: 2812: 2806: 2805:, August 5, 2008 2790: 2784: 2769: 2760: 2759: 2741: 2709: 2700: 2699: 2683: 2673: 2667: 2654: 2648: 2642: 2633: 2632: 2630: 2629: 2614: 2605: 2604: 2590: 2581: 2559: 2365:finance industry 2131: 2130: 2040:formerly of the 1995:Great Depression 1866:Regions affected 1847: 1845: 1844: 1839: 1836: 1831: 1823: 1815: 1813: 1784: 1783: 1782: 1748: 1728: 1726: 1725: 1720: 1717: 1712: 1704: 1702: 1698: 1697: 1695: 1694: 1693: 1671: 1670: 1669: 1647: 1628: 1626: 1597: 1596: 1595: 1561: 1534: 1532: 1531: 1526: 1523: 1522: 1507: 1506: 1491: 1450: 1448: 1447: 1442: 1439: 1437: 1436: 1435: 1402: 1388: 1386: 1385: 1384: 1350: 1345: 1343: 1342: 1318: 1317: 1278:monthly payments 1267: 1266: 1240: 1231: 1225: 1219: 1213: 1207: 1198: 1189: 1075:Thomas M. Hoenig 1044:Others, such as 1030:Randall Kroszner 884: 807: 736:which separated 646:investment banks 634:mortgage brokers 591: 589: 588: 583: 577: 575: 574: 573: 543: 542: 526: 509: 504: 502: 501: 483: 479: 433: 432: 410: 408: 407: 402: 396: 385: 384: 378: 377: 376: 360: 359: 358: 333: 330: 319: 317: 316: 311: 308: 307: 301: 300: 299: 283: 281: 280: 279: 245: 243: 242: 236: 235: 226: 224: 223: 185: 183: 182: 177: 175: 174: 173: 152: 150: 149: 144: 142: 141: 140: 120: 118: 117: 112: 110: 109: 108: 71:monthly mortgage 61: 60: 29: 21: 7505: 7504: 7500: 7499: 7498: 7496: 7495: 7494: 7470: 7469: 7468: 7463: 7430: 7387: 7385:Information Age 7379: 7271: 7267: 7258: 7247:Silver Thursday 7228: 7220: 7215:Poseidon bubble 7195: 7187: 7139: 7137:Interwar period 7131: 6993: 6985: 6938:Otago gold rush 6848: 6807: 6799: 6768: 6760: 6722: 6717: 6687: 6674:"PIMCO's Gross" 6672: 6671: 6667: 6658: 6656: 6645: 6644: 6640: 6620: 6619: 6615: 6606: 6605: 6601: 6589: 6588: 6584: 6565: 6564: 6560: 6550: 6548: 6542: 6541: 6537: 6528: 6526: 6508: 6507: 6503: 6494: 6492: 6483: 6482: 6478: 6473:. Bankrate.com. 6468: 6467: 6463: 6454: 6452: 6439: 6438: 6434: 6425: 6423: 6419: 6408: 6404: 6403: 6399: 6390: 6388: 6383:Lewis, Holden. 6382: 6381: 6374: 6367:Washington Post 6360: 6359: 6355: 6346: 6344: 6329: 6328: 6324: 6315: 6313: 6298: 6297: 6290: 6271: 6270: 6266: 6252: 6251: 6247: 6238: 6236: 6231: 6230: 6226: 6217: 6215: 6206: 6205: 6198: 6189: 6187: 6182: 6181: 6174: 6167: 6137: 6136: 6132: 6122: 6120: 6085: 6080: 6079: 6075: 6065: 6063: 6054: 6053: 6049: 6040:on 2007-02-03. 6037: 6026: 6021: 6020: 6016: 5996: 5995: 5991: 5980: 5976: 5962: 5958: 5944: 5934: 5928: 5926: 5917: 5916: 5912: 5898: 5888: 5882: 5881: 5877: 5862: 5852: 5846: 5844: 5840: 5833: 5828: 5827: 5823: 5809: 5799: 5793: 5792: 5788: 5775: 5765: 5754: 5753: 5749: 5735: 5725: 5718: 5717: 5713: 5703: 5702: 5698: 5656: 5655: 5651: 5642: 5640: 5629: 5628: 5624: 5615: 5613: 5602: 5601: 5597: 5581: 5580: 5576: 5556: 5555: 5551: 5532: 5531: 5527: 5518: 5516: 5500: 5499: 5492: 5473: 5472: 5468: 5456: 5454: 5443: 5442: 5438: 5419: 5418: 5414: 5405: 5404: 5397: 5380: 5379: 5372: 5347: 5346: 5339: 5324: 5323: 5319: 5312: 5297: 5296: 5292: 5285: 5270: 5269: 5265: 5250:Property Ladder 5220:Sell This House 5214:Flip This House 5202:Flip That House 5148: 5144: 5135: 5133: 5122: 5121: 5117: 5108: 5106: 5095: 5094: 5090: 5081: 5080: 5076: 5068: 5064: 5023: 5022: 5015: 5001: 5000: 4996: 4980: 4979: 4975: 4956: 4955: 4948: 4928:on 2006-09-03. 4919: 4918: 4914: 4895: 4894: 4890: 4885:Wayback Machine 4876: 4872: 4863: 4861: 4850: 4849: 4845: 4836: 4834: 4830: 4819: 4815: 4814: 4810: 4793: 4792: 4788: 4768: 4767: 4760: 4751: 4749: 4733: 4732: 4728: 4719:on 2006-04-23. 4713:Robert Kiyosaki 4706: 4705: 4701: 4689: 4687: 4675: 4674: 4670: 4650: 4649: 4645: 4636:missing title ( 4632: 4622: 4606: 4605: 4601: 4589: 4587: 4571: 4570: 4566: 4554: 4552: 4536: 4535: 4531: 4512: 4511: 4504: 4488: 4487: 4483: 4474: 4472: 4461: 4460: 4456: 4447: 4445: 4434: 4433: 4429: 4420: 4419: 4415: 4407:Financial Times 4400: 4399: 4395: 4380: 4379: 4375: 4366: 4364: 4349: 4348: 4344: 4328: 4327: 4323: 4304: 4303: 4299: 4291:Financial Times 4284: 4283: 4276: 4269: 4253: 4252: 4248: 4241: 4229:(2d ed.). 4222: 4221: 4206: 4191: 4190: 4183: 4164: 4163: 4156: 4147: 4145: 4130: 4129: 4122: 4113: 4111: 4097: 4096: 4092: 4076: 4075: 4071: 4064: 4049: 4048: 4044: 4038:Wayback Machine 4014: 4013: 4009: 3993: 3992: 3988: 3969: 3968: 3964: 3949: 3945: 3944: 3940: 3921: 3920: 3916: 3909: 3905: 3899:Financial Times 3896: 3892: 3887: 3883: 3878: 3874: 3866:Financial Times 3858: 3857: 3853: 3837: 3833: 3825: 3821: 3814: 3810: 3793: 3792: 3788: 3779: 3777: 3763: 3762: 3758: 3740: 3739: 3735: 3720: 3719: 3715: 3705: 3703: 3693: 3692: 3688: 3683: 3679: 3669: 3667: 3657: 3656: 3652: 3643: 3639: 3629: 3627: 3619: 3615:Thomas, Jason. 3614: 3613: 3609: 3599: 3597: 3576: 3575: 3571: 3561: 3559: 3546: 3545: 3541: 3531: 3529: 3525: 3514: 3510: 3509: 3505: 3495: 3493: 3489: 3485: 3484: 3480: 3470: 3468: 3459: 3458: 3454: 3444: 3442: 3434: 3430: 3429: 3425: 3420: 3413: 3406: 3387: 3386: 3382: 3373: 3369: 3364:Wayback Machine 3354: 3350: 3336: 3326: 3315: 3314: 3310: 3301: 3299: 3293: 3292: 3288: 3278: 3276: 3262: 3261: 3254: 3237: 3236: 3225: 3211:Russell Roberts 3209: 3205: 3196: 3194: 3193:. Cleveland.com 3182: 3181: 3177: 3166: 3162: 3149: 3145: 3140: 3136: 3131: 3127: 3122: 3115: 3108: 3104: 3094: 3092: 3090:Washington Post 3083: 3082: 3071: 3062: 3058: 3048: 3031: 3022: 3020: 3011: 3010: 3006: 2992: 2988: 2976: 2972: 2958: 2957: 2953: 2935: 2931: 2922: 2920: 2911: 2910: 2906: 2896: 2895: 2891: 2875: 2874: 2870: 2856: 2852: 2833: 2832: 2828: 2822:Wayback Machine 2813: 2809: 2800:Wayback Machine 2791: 2787: 2779:Wayback Machine 2770: 2763: 2711: 2710: 2703: 2696: 2675: 2674: 2670: 2664:Wayback Machine 2655: 2651: 2643: 2636: 2627: 2625: 2616: 2615: 2608: 2592: 2591: 2584: 2578:Wayback Machine 2565:is provided at 2560: 2556: 2552: 2535: 2458:According to a 2404: 2388: 2382: 2373:gaussian copula 2341: 2310: 2286: 2205: 2167:Federal Reserve 2144: 1972: 1923: 1868: 1824: 1749: 1741: 1740: 1705: 1679: 1672: 1655: 1648: 1639: 1635: 1562: 1554: 1553: 1511: 1495: 1469: 1468: 1373: 1354: 1286: 1285: 1274: 1258:Nouriel Roubini 1238: 1237: 1229: 1227: 1223: 1221: 1217: 1215: 1211: 1209: 1205: 1203: 1196: 1194: 1187: 1167:Federal Reserve 1159: 1146:negative equity 1067: 1036:, stating that 891: 882: 860:it "amounts to 817:Joseph Stiglitz 805: 730: 724: 702: 697: 650:rating agencies 527: 462: 461: 444:To compute the 443: 367: 346: 323: 322: 287: 268: 249: 201: 200: 164: 159: 158: 128: 123: 122: 96: 91: 90: 68: 23: 22: 15: 12: 11: 5: 7503: 7501: 7493: 7492: 7487: 7482: 7472: 7471: 7465: 7464: 7462: 7461: 7456: 7454:Unicorn bubble 7451: 7446: 7441: 7435: 7432: 7431: 7429: 7428: 7422: 7416: 7410: 7404: 7398: 7391: 7389: 7388:(2007–present) 7381: 7380: 7378: 7377: 7372: 7366: 7365: 7359: 7353: 7347: 7341: 7335: 7329: 7323: 7317: 7316:(c. 2000–2007) 7311: 7305: 7302:Dot-com bubble 7299: 7293: 7287: 7281: 7279:1980s oil glut 7275: 7273: 7260: 7259: 7257: 7256: 7255:(c. 1980–1982) 7250: 7244: 7238: 7232: 7230: 7222: 7221: 7219: 7218: 7212: 7211:(1945–c. 1960) 7206: 7205:(1945–c. 1950) 7203:Texas oil boom 7199: 7197: 7189: 7188: 7186: 7185: 7179: 7174: 7168: 7167:(1918–c. 1930) 7162: 7159:Texas oil boom 7156: 7155:(1918–c. 1930) 7150: 7149:(c. 1920–1925) 7143: 7141: 7133: 7132: 7130: 7129: 7123: 7117: 7114:Texas oil boom 7111: 7110:(c. 1900–1918) 7105: 7102:Nome Gold Rush 7099: 7098:(1897–c. 1925) 7093: 7087: 7081: 7075: 7069: 7063: 7057: 7051: 7045: 7039: 7038:(c. 1880–1903) 7033: 7027: 7021: 7015: 7009: 7003: 6997: 6995: 6987: 6986: 6984: 6983: 6977: 6971: 6965: 6959: 6953: 6947: 6941: 6935: 6929: 6923: 6917: 6911: 6905: 6899: 6893: 6887: 6881: 6880:(1851–c. 1870) 6875: 6869: 6863: 6856: 6854: 6850: 6849: 6847: 6846: 6840: 6835: 6834:(1828–c. 1840) 6829: 6824: 6818: 6811: 6809: 6801: 6800: 6798: 6797: 6791: 6785: 6779: 6772: 6770: 6762: 6761: 6759: 6758: 6753: 6748: 6743: 6738: 6733: 6727: 6724: 6723: 6718: 6716: 6715: 6708: 6701: 6693: 6686: 6685: 6665: 6638: 6613: 6599: 6582: 6558: 6535: 6501: 6476: 6461: 6432: 6397: 6387:. Bankrate.com 6372: 6353: 6322: 6288: 6264: 6245: 6224: 6196: 6172: 6165: 6130: 6090:ASTIN Bulletin 6073: 6047: 6014: 5989: 5974: 5956: 5947:|journal= 5910: 5901:|journal= 5875: 5873:See: Exhibit 6 5865:|journal= 5821: 5812:|journal= 5786: 5763:on 2010-07-01. 5747: 5738:|journal= 5711: 5696: 5675:10.1086/708816 5649: 5622: 5595: 5574: 5549: 5536:(2006-03-17). 5534:Fletcher, June 5525: 5490: 5466: 5436: 5412: 5395: 5370: 5351:The Today Show 5337: 5317: 5310: 5290: 5283: 5263: 5261: 5260: 5242: 5236: 5224: 5206: 5197:Discovery Home 5194: 5182: 5142: 5115: 5088: 5074: 5062: 5058: 5057: 5013: 4994: 4973: 4970:on 2006-06-13. 4946: 4912: 4888: 4870: 4843: 4808: 4804:unprecedented' 4801:. 2006-05-23. 4786: 4758: 4726: 4699: 4668: 4643: 4613:. 2007-06-29. 4599: 4564: 4529: 4502: 4481: 4454: 4427: 4413: 4393: 4373: 4342: 4321: 4297: 4274: 4268:978-0465019861 4267: 4255:Sowell, Thomas 4246: 4239: 4204: 4181: 4174:. 2006-11-06. 4154: 4120: 4090: 4069: 4062: 4042: 4021:Morgan Stanley 4007: 3986: 3962: 3938: 3914: 3903: 3890: 3881: 3872: 3851: 3831: 3819: 3808: 3786: 3756: 3733: 3713: 3686: 3677: 3650: 3637: 3607: 3589:(2): 198–217. 3569: 3539: 3503: 3478: 3452: 3439:September 2009 3423: 3411: 3404: 3380: 3367: 3348: 3339:|journal= 3308: 3286: 3252: 3223: 3203: 3175: 3160: 3143: 3134: 3125: 3113: 3102: 3069: 3063:Joseph Fried, 3056: 3029: 3004: 2986: 2970: 2951: 2929: 2904: 2889: 2868: 2850: 2826: 2807: 2803:HomeFinder.com 2785: 2761: 2701: 2694: 2668: 2649: 2634: 2606: 2582: 2553: 2551: 2548: 2547: 2546: 2541: 2534: 2531: 2434:(a subset of " 2403: 2402:Risky products 2400: 2384:Main article: 2381: 2378: 2340: 2337: 2317:Robert Shiller 2309: 2306: 2285: 2282: 2241:Robert Shiller 2204: 2201: 2143: 2140: 2137: 2136: 2134: 2089:property taxes 2060:Piet Eichholtz 2052:Robert Shiller 1988:, that is, an 1971: 1968: 1964:mortgage fraud 1922: 1919: 1882:Alan Greenspan 1867: 1864: 1861: 1860: 1856:Robert Shiller 1851: 1850: 1849: 1848: 1834: 1830: 1827: 1821: 1818: 1812: 1809: 1806: 1803: 1800: 1797: 1794: 1791: 1788: 1781: 1778: 1775: 1772: 1769: 1766: 1763: 1760: 1757: 1752: 1732: 1731: 1730: 1729: 1715: 1711: 1708: 1701: 1692: 1689: 1686: 1682: 1678: 1675: 1668: 1665: 1662: 1658: 1654: 1651: 1645: 1642: 1638: 1634: 1631: 1625: 1622: 1619: 1616: 1613: 1610: 1607: 1604: 1601: 1594: 1591: 1588: 1585: 1582: 1579: 1576: 1573: 1570: 1565: 1521: 1518: 1514: 1510: 1505: 1502: 1498: 1494: 1490: 1486: 1483: 1480: 1477: 1454: 1453: 1452: 1451: 1434: 1431: 1428: 1425: 1422: 1419: 1416: 1413: 1410: 1405: 1401: 1398: 1395: 1383: 1380: 1376: 1372: 1369: 1366: 1363: 1360: 1357: 1353: 1348: 1341: 1338: 1335: 1332: 1329: 1326: 1323: 1316: 1313: 1310: 1307: 1304: 1301: 1298: 1250:dot-com bubble 1228: 1222: 1216: 1210: 1204: 1195: 1186: 1158: 1155: 1137:Robert Shiller 1071:John B. Taylor 1066: 1063: 984:Bethany McLean 962: 961: 958: 955: 890: 889:Mandated loans 887: 870:securitization 834:Robert Ekelund 775: 774: 767: 756: 723: 720: 701: 698: 696: 693: 638:Alan Greenspan 621:housing bubble 614: 613: 610: 609: 595: 594: 593: 592: 580: 572: 569: 566: 563: 560: 557: 554: 551: 546: 541: 538: 535: 532: 525: 522: 519: 516: 513: 507: 500: 497: 494: 491: 488: 482: 478: 474: 450:property taxes 429: 428: 425: 424: 414: 413: 412: 411: 399: 395: 391: 388: 383: 375: 370: 366: 363: 357: 354: 349: 345: 342: 339: 336: 320: 306: 298: 295: 290: 286: 278: 275: 271: 267: 264: 261: 258: 255: 252: 248: 241: 234: 229: 222: 219: 216: 213: 172: 167: 139: 136: 131: 107: 104: 99: 57: 56: 24: 14: 13: 10: 9: 6: 4: 3: 2: 7502: 7491: 7488: 7486: 7483: 7481: 7478: 7477: 7475: 7460: 7457: 7455: 7452: 7450: 7447: 7445: 7442: 7440: 7439:Carbon bubble 7437: 7436: 7433: 7426: 7423: 7420: 7417: 7414: 7411: 7408: 7405: 7402: 7399: 7396: 7393: 7392: 7390: 7386: 7382: 7376: 7373: 7371: 7368: 7367: 7363: 7360: 7357: 7354: 7351: 7348: 7345: 7342: 7339: 7336: 7333: 7330: 7327: 7324: 7321: 7318: 7315: 7312: 7309: 7306: 7303: 7300: 7297: 7294: 7291: 7288: 7285: 7282: 7280: 7277: 7276: 7274: 7270: 7265: 7261: 7254: 7251: 7248: 7245: 7242: 7239: 7237: 7234: 7233: 7231: 7227: 7223: 7216: 7213: 7210: 7207: 7204: 7201: 7200: 7198: 7194: 7190: 7183: 7180: 7178: 7175: 7172: 7169: 7166: 7163: 7160: 7157: 7154: 7151: 7148: 7145: 7144: 7142: 7138: 7134: 7127: 7124: 7121: 7118: 7115: 7112: 7109: 7106: 7103: 7100: 7097: 7094: 7091: 7088: 7085: 7082: 7079: 7076: 7073: 7070: 7067: 7064: 7061: 7058: 7055: 7052: 7049: 7046: 7043: 7042:Ohio oil rush 7040: 7037: 7034: 7031: 7028: 7025: 7022: 7019: 7016: 7013: 7010: 7007: 7004: 7002: 6999: 6998: 6996: 6992: 6988: 6981: 6978: 6975: 6972: 6969: 6966: 6963: 6960: 6957: 6954: 6951: 6948: 6945: 6942: 6939: 6936: 6933: 6930: 6927: 6924: 6921: 6918: 6915: 6912: 6909: 6906: 6903: 6900: 6897: 6894: 6891: 6888: 6885: 6882: 6879: 6876: 6873: 6870: 6867: 6864: 6861: 6860:Railway Mania 6858: 6857: 6855: 6851: 6844: 6841: 6839: 6836: 6833: 6830: 6828: 6825: 6822: 6819: 6816: 6813: 6812: 6810: 6806: 6802: 6795: 6792: 6789: 6786: 6783: 6780: 6777: 6774: 6773: 6771: 6767: 6763: 6757: 6754: 6752: 6749: 6747: 6744: 6742: 6739: 6737: 6734: 6732: 6729: 6728: 6725: 6721: 6714: 6709: 6707: 6702: 6700: 6695: 6694: 6691: 6682:. 2007-06-27. 6681: 6680: 6675: 6669: 6666: 6655: 6654: 6649: 6642: 6639: 6634: 6630: 6629: 6624: 6617: 6614: 6609: 6603: 6600: 6595: 6594: 6586: 6583: 6578: 6574: 6573: 6568: 6562: 6559: 6546: 6539: 6536: 6525:on 2012-04-13 6524: 6520: 6516: 6512: 6505: 6502: 6490: 6486: 6480: 6477: 6472: 6465: 6462: 6451:on 2008-03-21 6450: 6446: 6442: 6436: 6433: 6422:on 2008-03-27 6418: 6414: 6407: 6401: 6398: 6386: 6379: 6377: 6373: 6368: 6364: 6357: 6354: 6343:on 2006-12-01 6342: 6338: 6337: 6332: 6326: 6323: 6312:on 2008-10-06 6311: 6307: 6306: 6301: 6295: 6293: 6289: 6284: 6280: 6279: 6274: 6268: 6265: 6260: 6256: 6249: 6246: 6234: 6228: 6225: 6213: 6209: 6203: 6201: 6197: 6185: 6179: 6177: 6173: 6168: 6166:9781118531839 6162: 6158: 6154: 6150: 6145: 6144: 6134: 6131: 6119: 6115: 6111: 6107: 6103: 6099: 6095: 6091: 6084: 6077: 6074: 6062: 6058: 6051: 6048: 6044: 6036: 6032: 6025: 6018: 6015: 6011: 6006: 6005: 6000: 5993: 5990: 5987: 5985: 5978: 5975: 5971: 5970: 5965: 5960: 5957: 5952: 5939: 5925:on 2010-11-14 5924: 5920: 5914: 5911: 5906: 5893: 5885: 5879: 5876: 5870: 5857: 5843:on 2011-05-13 5839: 5832: 5825: 5822: 5817: 5804: 5796: 5790: 5787: 5782: 5770: 5762: 5758: 5751: 5748: 5743: 5730: 5722: 5715: 5712: 5707: 5700: 5697: 5692: 5688: 5684: 5680: 5676: 5672: 5668: 5664: 5660: 5653: 5650: 5639: 5638: 5633: 5626: 5623: 5612: 5611: 5606: 5599: 5596: 5591: 5590: 5585: 5578: 5575: 5570: 5566: 5565: 5560: 5553: 5550: 5545: 5544: 5539: 5535: 5529: 5526: 5514: 5510: 5509: 5508:Business Week 5504: 5497: 5495: 5491: 5487: 5483: 5482: 5477: 5470: 5467: 5463: 5453: 5452: 5447: 5440: 5437: 5433:. 2007-05-10. 5432: 5428: 5427: 5422: 5416: 5413: 5409:. 2006-04-27. 5408: 5402: 5400: 5396: 5392: 5388: 5384: 5377: 5375: 5371: 5367: 5366:Housing Panic 5363: 5357: 5353: 5352: 5344: 5342: 5338: 5334:. 2006-08-10. 5333: 5332: 5327: 5321: 5318: 5313: 5307: 5303: 5302: 5294: 5291: 5286: 5280: 5276: 5275: 5267: 5264: 5258: 5257: 5252: 5251: 5246: 5243: 5240: 5237: 5234: 5233: 5228: 5225: 5222: 5221: 5216: 5215: 5210: 5207: 5204: 5203: 5198: 5195: 5192: 5191: 5186: 5183: 5180: 5179: 5174: 5173: 5168: 5164: 5163: 5162:House Hunters 5158: 5155: 5154: 5152: 5146: 5143: 5132: 5131: 5126: 5119: 5116: 5105: 5104: 5099: 5092: 5089: 5084: 5078: 5075: 5072: 5066: 5063: 5052: 5048: 5047: 5042: 5040: 5033: 5032: 5027: 5020: 5018: 5014: 5009: 5005: 4998: 4995: 4990: 4989: 4984: 4977: 4974: 4969: 4965: 4964: 4959: 4953: 4951: 4947: 4943: 4941: 4940: 4935: 4934: 4927: 4923: 4916: 4913: 4908: 4904: 4903: 4902:Business Week 4898: 4892: 4889: 4886: 4882: 4879: 4874: 4871: 4860: 4859: 4854: 4847: 4844: 4833:on 2008-02-16 4829: 4825: 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4186: 4182: 4178: 4173: 4172: 4167: 4161: 4159: 4155: 4144:on 2008-03-04 4143: 4139: 4138: 4133: 4127: 4125: 4121: 4110:on 2011-07-14 4109: 4105: 4101: 4094: 4091: 4086: 4085: 4080: 4073: 4070: 4065: 4059: 4055: 4054: 4046: 4043: 4039: 4035: 4032: 4028: 4027:James Wolcott 4022: 4018: 4011: 4008: 4003: 4002: 3997: 3990: 3987: 3983: 3979: 3978: 3977:The Economist 3973: 3966: 3963: 3959: 3955: 3948: 3942: 3939: 3935: 3931: 3930: 3925: 3918: 3915: 3912: 3907: 3904: 3900: 3894: 3891: 3885: 3882: 3876: 3873: 3868: 3867: 3862: 3855: 3852: 3848: 3844: 3840: 3835: 3832: 3828: 3823: 3820: 3817: 3812: 3809: 3805: 3801: 3797: 3790: 3787: 3776:on 2010-06-12 3775: 3771: 3767: 3760: 3757: 3752: 3748: 3746: 3737: 3734: 3729: 3728: 3723: 3717: 3714: 3701: 3697: 3690: 3687: 3681: 3678: 3665: 3661: 3654: 3651: 3647: 3641: 3638: 3625: 3624:November 2010 3618: 3611: 3608: 3596: 3592: 3588: 3584: 3580: 3573: 3570: 3558:on 2013-02-22 3557: 3553: 3549: 3543: 3540: 3524: 3520: 3513: 3507: 3504: 3488: 3482: 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Retrieved 2622:the original 2598: 2571:sci.math FAQ 2563:monthly cost 2557: 2519: 2513:BusinessWeek 2511: 2505: 2500:U.S. economy 2493: 2479: 2475: 2471:moral hazard 2468: 2464: 2456: 2444: 2440: 2405: 2396: 2389: 2350: 2322: 2311: 2298: 2294: 2290: 2287: 2279: 2272: 2265: 2260: 2250:BusinessWeek 2248: 2236:BusinessWeek 2234: 2228: 2222: 2214: 2190: 2178: 2171:Ben Bernanke 2164: 2159: 2155: 2154:, subtitled 2151: 2145: 2123: 2121: 2116: 2108: 2050: 2046: 2038:David Lereah 1999: 1973: 1961: 1949: 1933: 1927: 1924: 1900: 1890: 1885: 1872:appreciation 1869: 1852: 1733: 1540: 1536: 1460: 1455: 1271: 1270: 1262: 1246: 1150:U.S. economy 1135: 1127: 1119: 1115: 1103: 1087: 1079: 1068: 1055: 1043: 1039: 1023: 1013: 1010: 1005: 1001: 997: 993: 981: 977: 970: 967: 963: 949: 946: 940:Plain Dealer 938: 928: 926: 922: 892: 874: 866:moral hazard 831: 824: 802:shadow banks 794:Paul Krugman 787: 776: 746: 731: 722:Deregulation 712: 703: 681: 619: 617: 598: 596: 436: 419:down payment 415: 192:monthly cost 187: 154: 86: 82: 78: 65: 64: 53:(1995–2005). 26: 7397:(2008–2014) 7364:(2005–2008) 7358:(2005–2011) 7346:(2002–2008) 7340:(2002–2007) 7334:(2002–2006) 7328:(2001–2006) 7322:(2000–2008) 7310:(2000–2006) 7304:(1995–2000) 7298:(1986–1990) 7292:(1985–2008) 7272:(1982–2007) 7243:(1977–1981) 7229:(1973–1982) 7217:(1969–1970) 7196:(1945–1973) 7184:(1932–1942) 7173:(1918–1945) 7161:(1918–1945) 7140:(1918–1939) 7128:(1909–1918) 7122:(1903–1918) 7116:(1901–1918) 7104:(1899–1909) 7092:(1897–1899) 7086:(1896–1903) 7080:(1896–1899) 7068:(1886–1890) 7050:(1883–1906) 7026:(1879–1893) 7020:(1874–1880) 6994:(1870–1914) 6970:(1865–1867) 6958:(1864–1867) 6952:(1861–1874) 6946:(1861–1867) 6940:(1861–1864) 6934:(1861–1864) 6916:(1859–1891) 6904:(1858–1861) 6892:(1851–1914) 6886:(1851–1880) 6868:(1848–1855) 6845:(1830–1850) 6823:(1802–1825) 6815:Canal Mania 6808:(1760–1840) 6796:(1757–1769) 6790:(1711–1720) 6784:(1684–1720) 6778:(1634–1637) 6776:Tulip mania 6769:(1000–1760) 6336:Motley Fool 6096:(1): 1–33. 5239:Fine Living 5185:BBC America 4963:Motley Fool 3706:13 February 3630:14 February 3600:14 February 3562:14 February 3532:14 February 3496:14 February 3471:14 February 3445:14 February 3279:13 February 3095:13 February 2490:foreclosure 2451:Freddie Mac 2333:real estate 2275:Casey Serin 2185:Motley Fool 2113:concluded, 2101:S&P 500 2072:tulip mania 2056:home prices 2006:Los Angeles 1945:real estate 1903:foreclosure 1870:Home price 1173:causing an 1169:raised the 918:Freddie Mac 912:" (GSE's) " 895:Marco Rubio 878:Tyler Cowen 832:Economists 810:Nobel Prize 790:Nobel Prize 677:Freddie Mac 669:unregulated 666:derivatives 630:Wall Street 454:maintenance 437:Equivalent 85:fixed over 7474:Categories 6659:2010-04-28 6529:2012-04-13 6495:2008-03-18 6455:2008-03-17 6426:2008-03-17 6391:2008-03-17 6347:2008-07-11 6316:2008-07-11 6239:2008-10-26 6218:2008-05-19 6190:2008-05-19 5929:2010-09-21 5847:2010-09-20 5643:2008-03-17 5616:2008-03-17 5519:2008-03-17 5457:2010-04-28 5136:2010-04-28 5109:2010-04-28 5039:Tulipmania 4864:2010-04-28 4837:2017-12-06 4752:2008-03-17 4690:2008-03-17 4590:2010-04-28 4555:2008-07-11 4475:2008-03-17 4448:2010-05-26 4367:2008-07-11 4148:2008-03-17 4114:2008-07-11 4056:. Viking. 3780:2009-08-12 3552:Kevin Park 3302:2012-11-20 3197:2013-12-10 3023:2008-09-07 2999:The Nation 2923:2012-01-27 2628:2010-01-21 2550:References 2447:Fannie Mae 2315:economist 1986:investment 1256:economist 1242:Recessions 988:Joe Nocera 914:Fannie Mae 826:The Nation 798:Phil Gramm 742:investment 738:commercial 726:See also: 673:Fannie Mae 662:Republican 658:Democratic 441:for homes. 7427:(2020–21) 6964:(c. 1865) 6853:1840–1870 6551:April 12, 5691:216213116 5683:0022-3808 5610:USA Today 5153:include: 4988:USA Today 4858:USA Today 4683:The Times 4544:Bloomberg 4496:USA Today 4387:USA Today 4198:Bloomberg 4025:See also 3929:Bloomberg 3666:. wsj.com 3243:McClatchy 2756:158439236 2748:1941-1367 2486:collapsed 2445:In 1995, 2169:chairman 2068:Amsterdam 2026:Hong Kong 1981:principal 1915:Cleveland 1907:Rust Belt 1826:Δ 1820:− 1817:≈ 1751:Δ 1707:Δ 1685:− 1677:− 1661:− 1644:− 1633:− 1630:≈ 1564:Δ 1509:≈ 1465:Principal 1404:× 1379:− 1359:− 1236:year/year 1183:recession 1179:commodity 1142:San Diego 1131:efficient 852:, and no 814:economist 812:-winning 545:− 446:P/E ratio 387:× 344:− 335:× 274:− 254:− 228:≈ 51:Australia 6118:14201831 6004:Barron's 5769:cite web 5331:Barron's 5241:programs 5151:flipping 5031:Barron's 4881:Archived 4686:. 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