Abstract

http://ssrn.com/abstract=2114620
 
 

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Why Housing?


Adam J. Levitin


Georgetown University Law Center

Susan M. Wachter


University of Pennsylvania - Wharton School, Department of Real Estate

February 14, 2013

Housing Policy Debate, Vol. 23, pp. 5-27 (2013)
U of Penn, Inst for Law & Econ Research Paper No. 12-28
Georgetown Law and Economics Research Paper No. 12-035
Georgetown Public Law Research Paper No. 12-127

Abstract:     
Asset bubbles come and go. Only the housing bubble, however, brought the economy to its knees. Why? What makes housing uniquely a cause of macroeconomic risk?

This article examines the workings of the housing market as well as theories and empirical evidence about the housing bubble. It explains why housing is a particular source of macroeconomic risk and how changes in the housing finance channel were the critical element in the formation of the bubble.

Number of Pages in PDF File: 24

Keywords: bubble, mortgage, housing, interest rates, securitization, agency, CDO

JEL Classification: E32, E44, G21, R31

Accepted Paper Series


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Date posted: August 22, 2012 ; Last revised: July 17, 2013

Suggested Citation

Levitin, Adam J. and Wachter, Susan M., Why Housing? (February 14, 2013). Housing Policy Debate, Vol. 23, pp. 5-27 (2013); U of Penn, Inst for Law & Econ Research Paper No. 12-28; Georgetown Law and Economics Research Paper No. 12-035; Georgetown Public Law Research Paper No. 12-127. Available at SSRN: http://ssrn.com/abstract=2114620 or http://dx.doi.org/10.2139/ssrn.2114620

Contact Information

Adam J. Levitin (Contact Author)
Georgetown University Law Center ( email )
600 New Jersey Avenue, NW
Washington, DC 20001
United States
Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate ( email )
The Wharton School
3620 Locust Walk
Philadelphia, PA 19104-6330
United States
215-898-6355 (Phone)

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