Housing prices increased dramatically in many countries during the 1980s. Those increases accentuated differences across countries in the levels of housing prices. They have also attracted attention to the dynamics of housing prices more generally. In the USA the phenomenal price increases, some of which have been attributed to ‘bubbles’.1 in some regions and states during the mid- to late 1980s, have given way to price declines. The bubbles seem to have been burst throughout the USA from the North-Eastern states to the South and to California. Yet, as Poterba notes (Poterba, 1991, p. 178), housing prices do not appear to have declined as much as one would have expected if price increases were indeed due to bubbles and related phenomena.
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- The Dynamics of Housing Prices: An International Perspective
Yannis M. Ioannides
- Macmillan Education UK
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