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Federal Reserve Bank of Cleveland
Economic Commentary
What’s really going on in housing markets?
Morris A. Davis
François Ortalo-Magné
Peter Rupert

Most of the public concern about housing markets is based on claims that house prices have increased at historically anomalous rates and that house prices have outpaced incomes. The first claim is based on inaccurate historical data. The second is linked to relaxed credit constraints. House prices are likely to fall further, but not for the reasons usually proposed.

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Morris A. Davis & François Ortalo-Magné & Peter Rupert, "What’s really going on in housing markets?" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Jul, 2007.
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Keywords: Housing - Prices
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