Some economists trip all over themselves to prove that bubbles can't happen.
Update: Dean Baker points out more flaws in Professor Mulligan's reasoning.
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Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
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The Bubble Meter Philosophy
The best way to get the housing market thriving again is to drop prices to the point where supply equals demand. Home sellers might not like it, but it's good for buyers and it's great for Realtors.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
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Bubble Meter Archive
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2010
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May
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- The prospects for housing
- U.S. national debt hits $13 trillion
- S&P/Case-Shiller HPI down 3.2% in Q1
- Fortune: Housing not recovering
- Economic outlook good
- Fannie Mae to require a second credit check
- Diversity growing in the suburbs
- Updated blog comment policy
- Freddie Mac is a mess
- Interview with the CEO of Goldman Sachs
- University of Chicago economics professor Casey Mu...
- Harvard and UPenn economists: Credit market polici...
- Fannie Mae to tighten ARM and IO lending standards
- The home buyer tax credit is no more.
- Goldman Sachs CEO inverview on CNN
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May
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Did you see all of the foreclosures in today's washington post classified section? Here comes all of that shadow inventory. Sweet price declines!
ReplyDeleteI liked it more last year when there were 30% more foreclosures on a YOY basis.
ReplyDeleteThe percentage of American single-family homes with mortgages in negative equity rose to 23.3 percent in the first quarter from 21.4 percent in the fourth quarter, according to the Zillow Real Estate Market Reports.
ReplyDeleteU.S. home values in the first quarter were down 3.8 percent year-over-year and down 1 percent quarter-over-quarter, to $183,700, according to the Zillow Home Value Index.
It was the 13th consecutive quarter of year-over-year declines