Chapter 19. How Housing Busts End: Home Prices, User Cost, and Rigidities During Down Cycles

  1. Susan J. Smith Mistress Professor Director Fellow Editor-in-Chief3 and
  2. Beverley A. Searle PhD Lecturer4
  1. Karl E. Case BA, PhD Professor member1 and
  2. John M. Quigley Professor2

Published Online: 29 APR 2010

DOI: 10.1002/9781444317978.ch19

The Blackwell Companion to the Economics of Housing: The Housing Wealth of Nations

The Blackwell Companion to the Economics of Housing: The Housing Wealth of Nations

How to Cite

Case, K. E. and Quigley, J. M. (2010) How Housing Busts End: Home Prices, User Cost, and Rigidities During Down Cycles, in The Blackwell Companion to the Economics of Housing: The Housing Wealth of Nations (eds S. J. Smith and B. A. Searle), Wiley-Blackwell, Oxford, UK. doi: 10.1002/9781444317978.ch19

Editor Information

  1. 3

    University of Cambridge, UK

  2. 4

    Durham University, UK

Author Information

  1. 1

    Wellesley College, USA

  2. 2

    University of California, Berkeley, USA

Publication History

  1. Published Online: 29 APR 2010
  2. Published Print: 12 MAR 2010

ISBN Information

Print ISBN: 9781405192156

Online ISBN: 9781444317978

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Keywords:

  • home prices, user cost and rigidities during down cycles;
  • National Bureau of Economic Research (NBER);
  • property markets - exploring causes and consequences of cyclicality in housing and commercial real estate;
  • home prices and land values in USA;
  • housing prices and asset values - viewing through lens of national balance sheet;
  • single-peak states - Miami, Phoenix and Las Vegas;
  • relationship between changes in home prices and measure of income;
  • homes sales price/per-capita income ratios for Chicago and Charlotte metropolitan areas;
  • market clearing processes in housing market;
  • user costs, price expectations and demand and mortgage finance

Summary

This chapter contains sections titled:

  • Introduction

  • Home Prices and Land Values in the USA

  • The Market Clearing Processes in the Housing Market

  • User Costs, Price Expectations and Demand, and Mortgage Finance

  • Conclusion

  • References