The Great Housing Bubble

The Great Housing Bubble Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of The Great Housing Bubble book. This book definitely worth reading, it is an incredibly well-written.

The Great American Housing Bubble

Adam J. Levitin,Susan M. Wachter
The Great American Housing Bubble Book PDF

Author : Adam J. Levitin,Susan M. Wachter
Publisher : Harvard University Press
Page : 401 pages
File Size : 51,7 Mb
Release : 2020-06-09
Category : Business & Economics
ISBN : 9780674979659

Get Book

The Great American Housing Bubble by Adam J. Levitin,Susan M. Wachter Pdf

The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.

The Great Housing Bubble

Lawrence Roberts
The Great Housing Bubble Book PDF

Author : Lawrence Roberts
Publisher : Monterey Cypress LLC
Page : 251 pages
File Size : 50,9 Mb
Release : 2008
Category : Art
ISBN : 9780615226934

Get Book

The Great Housing Bubble by Lawrence Roberts Pdf

A detailed analysis of the psychological and mechanical causes of the biggest rally, and subsequent fall, of housing prices ever recorded. Examines the causes of the breathtaking rise in prices and the catastrophic fall that ensued to answer the question on every homeowner's mind: "Why did house prices fall?"--Page 4 of cover

When the Bubble Bursts

Hilliard MacBeth
When the Bubble Bursts Book PDF

Author : Hilliard MacBeth
Publisher : Dundurn
Page : 272 pages
File Size : 45,9 Mb
Release : 2018-06-23
Category : Business & Economics
ISBN : 9781459742055

Get Book

When the Bubble Bursts by Hilliard MacBeth Pdf

A newly updated edition for the fast-changing real estate market in Canada! Over the last two decades Canadians have become convinced that real estate is the “safe haven” investment. This widely held belief and obsession with real estate led millions of Canadians to take on massive amounts of debt — tripling their collective financial burden — ensuring that Canada is one of the most indebted nations on the planet. Drawing on dozens of interviews and even more conversations with individual Canadians and couples, this second edition also tackles the economic conditions and regulatory rules that allowed such a dangerous situation to develop in Canada, formerly a nation of conservative and prudent citizens. Hilliard MacBeth argues that Canada is in the midst of an unprecedented real estate bubble and that there will soon be a crash in house prices, triggering a financial crisis. Individual Canadians and families can still take action to protect themselves from the fallout of the bubble bursting — if they act quickly.

The Great American Housing Bubble

Robert M. Hardaway
The Great American Housing Bubble Book PDF

Author : Robert M. Hardaway
Publisher : Bloomsbury Publishing USA
Page : 284 pages
File Size : 52,6 Mb
Release : 2011-02-18
Category : Business & Economics
ISBN : 9780313382291

Get Book

The Great American Housing Bubble by Robert M. Hardaway Pdf

This meticulously documented work sets forth the major causes of the greatest asset bubble in world economic history—the American housing bubble, which began in 1940 and collapsed in 2007. In the aftermath of the American housing collapse in 2007, many ask why. The Great American Housing Bubble: The Road to Collapse asks a different and more fundamental question—how the bubble was created in the first place. To answer that question, it examines the causes, both political and economic, of the American housing bubble, created between 1940 and 2007. Those causes encompass everything from federal income tax subsidies for housing to local exclusionary policies, banking, accounting, real estate appraisal, and credit agency rating practices and policies. The book also takes into account the impact of greed, government regulation, speculation, and psychology—including blind faith in investment advisors—on the creation of the greatest asset bubble in the economic history of the world. The author takes a comparative historical approach, examining the current crisis in the light of notorious bubbles of the past. In the end, he concludes that the events precipitating the most recent collapse can be traced, at least in part, not to too little government regulation, but to too much.

The Housing Boom and Bust

Thomas Sowell
The Housing Boom and Bust Book PDF

Author : Thomas Sowell
Publisher : Hachette UK
Page : 256 pages
File Size : 52,9 Mb
Release : 2010-02-23
Category : Business & Economics
ISBN : 9780786747559

Get Book

The Housing Boom and Bust by Thomas Sowell Pdf

This is a plain-English explanation of how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and the even more "creative" marketing of financial securities based on American mortgages to countries around the world, are part of the story of how a financial house of cards was built up -- and then suddenly collapsed. The politics behind all this is another story full of strange twists. No punches are pulled when discussing politicians of either party, the financial dangers they created, or the distractions they created later to escape their own responsibility for what happened when the financial house of cards in the financial markets collapsed. What to do, now that we are in the midst of an economic disaster, is yet another story -- one whose ending we do not yet know, but one whose outlines and implications are explored to reveal some surprising and sobering lessons.

The Great American Housing Bubble

Adam J. Levitin,Susan M. Wachter
The Great American Housing Bubble Book PDF

Author : Adam J. Levitin,Susan M. Wachter
Publisher : Harvard University Press
Page : 401 pages
File Size : 40,6 Mb
Release : 2020-06-09
Category : Business & Economics
ISBN : 9780674246928

Get Book

The Great American Housing Bubble by Adam J. Levitin,Susan M. Wachter Pdf

The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.

Shut Out

Kevin Erdmann
Shut Out Book PDF

Author : Kevin Erdmann
Publisher : Rowman & Littlefield
Page : 322 pages
File Size : 52,6 Mb
Release : 2019-01-21
Category : Political Science
ISBN : 9781538122150

Get Book

Shut Out by Kevin Erdmann Pdf

The United States suffers from a shortage of well-placed homes. This was true even at the peak of the housing boom in 2005. Using a broad array of evidence on housing inflation, income, migration, homeownership trends, and international comparisons, Shut Out demonstrates that high home prices have been largely caused by the constrained housing supply in a handful of magnet cities leading the new economy. The same phenomenon is occurring in leading countries across the globe. Gentrifying cities have become exclusionary bastions in the new postindustrial economy. The US housing bubble that peaked in 2005 is more accurately described as a refugee crisis than a credit bubble. Surging demand for limited urban housing triggered a spike of migration away from the magnet cities among households with moderate and lower incomes who could no longer afford to remain, causing a brief contagion of high prices in the cities where the migrants moved. In this book, author Kevin Erdmann observes that the housing bubble has been broadly and incorrectly attributed to various “excesses.” Policymakers and economists concluded that our key challenge was that we had built too many homes. This misdiagnosis of the problem, according to Erdmann, led to misguided public polices, which were the primary cause of the subsequent financial crisis. A sort of moral panic about supposed excesses in home lending and construction led to destabilizing monetary and regulatory decisions. As the economy slumped, a sense of fatalism prevented the government from responding appropriately to the worsening situation. Shut Out provides a much-needed correction to the causes and consequences of financial crises and secular stagnation.

Underwater

Ryan Dezember
Underwater Book PDF

Author : Ryan Dezember
Publisher : Macmillan + ORM
Page : 189 pages
File Size : 51,7 Mb
Release : 2020-07-14
Category : Political Science
ISBN : 9781250241818

Get Book

Underwater by Ryan Dezember Pdf

Winner of the Bruss Real Estate Book Award His assignment was to write about a real-estate frenzy lighting up the Redneck Riviera. So Ryan Dezember settled in and bought a home nearby himself. Then the market crashed, and he became one of the millions of Americans who suddenly owed more on their homes than they were worth. A flood of foreclosures made it impossible to sell. It didn't help that his quaint neighborhood fell into disrepair and drug-induced despair. He had no choice but to become a reluctant and wildly unprofitable landlord to move on. Meanwhile, his reporting showed how the speculative mania that caused the crash opened the U.S. housing market to a much larger breed of investors. In this deeply personal story, Dezember shows how decisions on Wall Street and in Washington played out on his street in a corner of the Sunbelt that was convulsed by the foreclosure crisis. Readers will witness the housing market collapse from Dezember’s perch as a newspaper reporter. First he’s in the boom-to-bust South where a hot-air balloonist named Bob Shallow becomes one of the world’s top selling real-estate agents arranging condo flips, developers flop in spectacular fashion and the law catches up with a beach-town mayor on the take. Later he’s in New York, among financiers like Blackstone’s Stephen Schwarzman who are building rental empires out of foreclosures, staking claim to the bastion of middle-class wealth: the single-family home. Through it all, Dezember is an underwater homeowner caught up in the mess. A cautionary tale of Wall Street's push to turn homes into assets, Underwater is a powerful, incisive story that chronicles the crash and its aftermath from a fresh perspective—the forgotten, middle-class homeowner.

Rethinking Housing Bubbles

Steven D. Gjerstad,Vernon L. Smith
Rethinking Housing Bubbles Book PDF

Author : Steven D. Gjerstad,Vernon L. Smith
Publisher : Cambridge University Press
Page : 309 pages
File Size : 55,6 Mb
Release : 2014-05-12
Category : Business & Economics
ISBN : 9780521198097

Get Book

Rethinking Housing Bubbles by Steven D. Gjerstad,Vernon L. Smith Pdf

Steven D. Gjerstad and Nobel Laureate Vernon L. Smith demonstrate the critical role that household and bank balance sheets play in economic cycles.

Rethinking Housing Bubbles

Steven D. Gjerstad,Vernon L. Smith
Rethinking Housing Bubbles Book PDF

Author : Steven D. Gjerstad,Vernon L. Smith
Publisher : Cambridge University Press
Page : 309 pages
File Size : 40,5 Mb
Release : 2014-05-12
Category : Business & Economics
ISBN : 9781139952033

Get Book

Rethinking Housing Bubbles by Steven D. Gjerstad,Vernon L. Smith Pdf

In this highly original piece of work, Steven D. Gjerstad and Nobel Laureate Vernon L. Smith analyze the role of housing and its associated mortgage financing as a key element of economic cycles. The authors combine data from both laboratory and real markets to provide insight into the bubble propensity of real-world economic actors and use novel historical analysis on the Great Recession, the Great Depression, and all of the post-World War II recessions to establish the critical roles of housing, private-capital investment, and household and private institutional balance sheets in economic cycles. They develop a model that incorporates household balance sheets and bank balance sheets and offers insights based on this analysis concerning policy going forward, effectively changing the way economists think about economic cycles.

Homewreckers

Aaron Glantz
Homewreckers Book PDF

Author : Aaron Glantz
Publisher : HarperCollins
Page : 448 pages
File Size : 53,6 Mb
Release : 2019-10-15
Category : Business & Economics
ISBN : 9780062869555

Get Book

Homewreckers by Aaron Glantz Pdf

“[I] can’t recommend this joint enough. ... An illuminating and discomfiting read.” —Ta-Nehisi Coates "Essential reading." —New York Review of Books A shocking, heart-wrenching investigation into America’s housing crisis and the modern-day robber barons who are making a fortune off the backs of the disenfranchised working and middle class—among them, Donald Trump and his inner circle. Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: “I sort of hope that happens because then people like me would go in and buy,” he said. But our future president wasn’t alone. While millions of Americans suffered financial loss, tycoons pounced to heartlessly seize thousands of homes—their profiteering made even easier because, as prize-winning investigative reporter Aaron Glantz reveals in Homewreckers, they often used taxpayer money—and the Obama administration’s promise to cover their losses. In Homewreckers, Glantz recounts the transformation of straightforward lending into a morass of slivered and combined mortgage “products” that could be bought and sold, accompanied by a shift in priorities and a loosening of regulations and laws that made it good business to lend money to those who wouldn’t be able to repay. Among the men who laughed their way to the bank: Trump cabinet members Steve Mnuchin and Wilbur Ross, Trump pal and confidant Tom Barrack, and billionaire Republican cash cow Steve Schwarzman. Homewreckers also brilliantly weaves together the stories of those most ravaged by the housing crisis. The result is an eye-opening expose of the greed that decimated millions and enriched a gluttonous few.

Building from the Ground Up

Kevin Erdmann
Building from the Ground Up Book PDF

Author : Kevin Erdmann
Publisher : Post Hill Press
Page : 235 pages
File Size : 48,5 Mb
Release : 2022-01-11
Category : Business & Economics
ISBN : 9781637581629

Get Book

Building from the Ground Up by Kevin Erdmann Pdf

Remember when mania led to a massive housing bubble? When Americans found themselves saddled with too many houses and were hit with the reality that our economy had been built on unsustainable borrowing? Everyone knows about that, right? What if that was wrong? What if, when we get down to brass tacks, Americans have been struggling to build enough new housing—especially in places where housing is in high demand—and this was true, even in 2005? Viewing the economic calamities of the twenty-first century with this central insight turns the conventional wisdom about our economic challenges upside down. The need for more homes has been the core cause of American economic instability and stagnation. Building from the Ground Up will guide you to a sweeping new perspective about the Great Recession and the financial crisis, which points to a brighter path for America’s economic potential.

House of Debt

Atif Mian,Amir Sufi
House of Debt Book PDF

Author : Atif Mian,Amir Sufi
Publisher : University of Chicago Press
Page : 238 pages
File Size : 50,7 Mb
Release : 2015-05-20
Category : Business & Economics
ISBN : 9780226277509

Get Book

House of Debt by Atif Mian,Amir Sufi Pdf

“A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as less dramatic periods of economic malaise, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. We can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing today’s economy: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

Housing and the Financial Crisis

Edward L. Glaeser,Todd Sinai
Housing and the Financial Crisis Book PDF

Author : Edward L. Glaeser,Todd Sinai
Publisher : University of Chicago Press
Page : 443 pages
File Size : 45,7 Mb
Release : 2013-08-19
Category : Business & Economics
ISBN : 9780226030616

Get Book

Housing and the Financial Crisis by Edward L. Glaeser,Todd Sinai Pdf

Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash. Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.

The Big Short: Inside the Doomsday Machine

Michael Lewis
The Big Short Inside the Doomsday Machine Book PDF

Author : Michael Lewis
Publisher : W. W. Norton & Company
Page : 320 pages
File Size : 52,8 Mb
Release : 2011-02-01
Category : Business & Economics
ISBN : 0393078191

Get Book

The Big Short: Inside the Doomsday Machine by Michael Lewis Pdf

The #1 New York Times bestseller: "It is the work of our greatest financial journalist, at the top of his game. And it's essential reading."—Graydon Carter, Vanity Fair The real story of the crash began in bizarre feeder markets where the sun doesn't shine and the SEC doesn't dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower- and middle-class Americans who can't pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren't talking. Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.