- Title Pages
-
Part I Global Warming -
Chapter 1 Climate Change -
Chapter 2 Global Climate Change -
Chapter 3 A New Agenda for Global Warming -
Chapter 4 A Meaningful Second Commitment Period for the Kyoto Protocol -
Part II The International Economy -
Chapter 5 Divergent Views on the Coming Dollar Crisis -
Chapter 6 U.S. Offshoring -
Chapter 7 Advance Market Commitments -
Chapter 8 Should We Still Support Untrammeled International Capital Mobility? Or Are Capital Controls Less Evil Than We Once Believed? -
Part III Economics of the Iraq War -
Chapter 9 The Economic Cost of the Iraq War -
Chapter 10 The High Cost of the Iraq War -
Part IV Fiscal Policy -
Chapter 11 Sense and Nonsense About Federal Deficits and Debt -
Chapter 12 Government Deficits and the Deindustrialization of America -
Part V Social Security -
Chapter 13 Confusions About Social Security -
Chapter 14 The Many Definitions of Social Security Privatization -
Chapter 15 The Virtues of Personal Accounts for Social Security -
Chapter 16 Could Social Security Go Broke? -
Part VI Tax Reform -
Chapter 17 A Broader Perspective on the Tax Reform Debate -
Chapter 18 Tax Reform -
Chapter 19 Taxes on Investment Income Remain Too High and Lead to Multiple Distortions -
Chapter 20 Progressive Consumption Taxation as a Remedy for the U.S. Savings Shortfall -
Part VII Social Policy -
Chapter 21 Was Welfare Reform Successful? -
Chapter 22 Cutting the Safety Net One Strand at a Time -
Chapter 23 The Choose-Your-Charity Tax -
Chapter 24 Should the Government Rebuild New Orleans or Just Give Residents Checks? -
Chapter 25 Does College Still Pay? -
Chapter 26 How to Deal with Terrorism -
Part VIII The Death Penalty -
Chapter 27 The Economics of Capital Punishment -
Chapter 28 On the Economics of Capital Punishment -
Chapter 29 The Death Penalty -
Chapter 30 Reply to Donohue and Wolfers on the Death Penalty and Deterrence -
Chapter 31 Letter -
Chapter 32 Reply -
Part IX Real Estate -
Chapter 33 Long-Term Perspectives on the Current Boom in Home Prices -
Chapter 34 The Menace of an Unchecked Housing Bubble -
Chapter 35 What to Do About Fannie and Freddie? - Index
The Menace of an Unchecked Housing Bubble
The Menace of an Unchecked Housing Bubble
- Chapter:
- (p.288) Chapter 34 The Menace of an Unchecked Housing Bubble
- Source:
- The Economists' Voice
- Author(s):
Dean Baker
- Publisher:
- Columbia University Press
This chapter considers the US housing bubble. Over the last eight years, home prices have risen by almost 50 percent in real terms. The run-up has not been even. In large parts of the country (most of the South and Midwest) there has been little real appreciation in house prices. In contrast, the run-ups in the bubble areas (the West Coast, the East Coast north of Washington, DC, and Florida) have been close to 80 percent in real terms. There has been no change in long-term fundamentals to warrant the level of house prices today. What's more, the sooner the bubble is burst the better: delaying the economic pain will only make it worse. It further argues the Federal Reserve should ensure housing bubbles do not get out of hand. In most parts of the country, housing prices have fallen from their peaks—how far they fall remains to be seen.
Keywords: U.S. housing market, real estate market, home prices, housing bubble
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- Title Pages
-
Part I Global Warming -
Chapter 1 Climate Change -
Chapter 2 Global Climate Change -
Chapter 3 A New Agenda for Global Warming -
Chapter 4 A Meaningful Second Commitment Period for the Kyoto Protocol -
Part II The International Economy -
Chapter 5 Divergent Views on the Coming Dollar Crisis -
Chapter 6 U.S. Offshoring -
Chapter 7 Advance Market Commitments -
Chapter 8 Should We Still Support Untrammeled International Capital Mobility? Or Are Capital Controls Less Evil Than We Once Believed? -
Part III Economics of the Iraq War -
Chapter 9 The Economic Cost of the Iraq War -
Chapter 10 The High Cost of the Iraq War -
Part IV Fiscal Policy -
Chapter 11 Sense and Nonsense About Federal Deficits and Debt -
Chapter 12 Government Deficits and the Deindustrialization of America -
Part V Social Security -
Chapter 13 Confusions About Social Security -
Chapter 14 The Many Definitions of Social Security Privatization -
Chapter 15 The Virtues of Personal Accounts for Social Security -
Chapter 16 Could Social Security Go Broke? -
Part VI Tax Reform -
Chapter 17 A Broader Perspective on the Tax Reform Debate -
Chapter 18 Tax Reform -
Chapter 19 Taxes on Investment Income Remain Too High and Lead to Multiple Distortions -
Chapter 20 Progressive Consumption Taxation as a Remedy for the U.S. Savings Shortfall -
Part VII Social Policy -
Chapter 21 Was Welfare Reform Successful? -
Chapter 22 Cutting the Safety Net One Strand at a Time -
Chapter 23 The Choose-Your-Charity Tax -
Chapter 24 Should the Government Rebuild New Orleans or Just Give Residents Checks? -
Chapter 25 Does College Still Pay? -
Chapter 26 How to Deal with Terrorism -
Part VIII The Death Penalty -
Chapter 27 The Economics of Capital Punishment -
Chapter 28 On the Economics of Capital Punishment -
Chapter 29 The Death Penalty -
Chapter 30 Reply to Donohue and Wolfers on the Death Penalty and Deterrence -
Chapter 31 Letter -
Chapter 32 Reply -
Part IX Real Estate -
Chapter 33 Long-Term Perspectives on the Current Boom in Home Prices -
Chapter 34 The Menace of an Unchecked Housing Bubble -
Chapter 35 What to Do About Fannie and Freddie? - Index
