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Why Housing?Adam J. LevitinGeorgetown University Law Center Susan M. WachterUniversity of Pennsylvania - Wharton School, Department of Real Estate November 5, 2012 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: 35 Keywords: bubble, mortgage, housing, interest rates, securitization, agency, CDO JEL Classification: E32, E44, G21, R31 working papers seriesDate posted: August 22, 2012 ; Last revised: November 22, 2012Suggested CitationContact Information
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