The Housing Bubble

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When the Bubble Bursts

Hilliard MacBeth
When the Bubble Bursts Book PDF

Author : Hilliard MacBeth
Publisher : Dundurn
Page : 272 pages
File Size : 55,5 Mb
Release : 2018-06-23
Category : Business & Economics
ISBN : 9781459742055

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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

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 : 48,9 Mb
Release : 2020-06-09
Category : Business & Economics
ISBN : 9780674979659

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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 Housing Boom and Bust

Thomas Sowell
The Housing Boom and Bust Book PDF

Author : Thomas Sowell
Publisher : Hachette UK
Page : 256 pages
File Size : 51,5 Mb
Release : 2010-02-23
Category : Business & Economics
ISBN : 9780786747559

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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.

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 : 45,6 Mb
Release : 2014-05-12
Category : Business & Economics
ISBN : 9780521198097

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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.

Behind the Housing Crash

Aaron Clarey
Behind the Housing Crash Book PDF

Author : Aaron Clarey
Publisher : Booksurge Publishing
Page : 330 pages
File Size : 52,5 Mb
Release : 2008
Category : Business & Economics
ISBN : UOM:49015003469468

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Behind the Housing Crash by Aaron Clarey Pdf

Corrupt bankers, FBI investigations, IRS raids, offshore bank accounts and more as an insider exposes those responsible for the housing crisis and explains what's in store for the rest of us.

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 : 55,6 Mb
Release : 2013-08-19
Category : Business & Economics
ISBN : 9780226030616

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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 Coming Crash in the Housing Market

John R. Talbott
The Coming Crash in the Housing Market Book PDF

Author : John R. Talbott
Publisher : McGraw Hill Professional
Page : 216 pages
File Size : 45,9 Mb
Release : 2003-04-28
Category : Business & Economics
ISBN : 007142220X

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The Coming Crash in the Housing Market by John R. Talbott Pdf

"The Coming Crash in the Housing Market" shows homeowners how to avoid owing more to lenders than their houses are worth--known as an "underwater" mortgage--and reveals commonsense steps for protecting one's assets when the bottom falls out.

The Great Housing Bubble

Lawrence Roberts
The Great Housing Bubble Book PDF

Author : Lawrence Roberts
Publisher : Monterey Cypress LLC
Page : 251 pages
File Size : 47,9 Mb
Release : 2008
Category : Art
ISBN : 9780615226934

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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 : 44,6 Mb
Release : 2018-06-23
Category : Business & Economics
ISBN : 9781459742048

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When the Bubble Bursts by Hilliard MacBeth Pdf

Hilliard MacBeth argues that investors should stop thinking about real estate as a safe investment, warning that it is only a matter of time before Canada faces a housing crisis of major proportions. He guides investors towards safer and more lucrative investments in order to protect their assets and ensure a comfortable retirement.

The Housing Bubble

Kieran Trass
The Housing Bubble Book PDF

Author : Kieran Trass
Publisher : Penguin UK
Page : 170 pages
File Size : 45,9 Mb
Release : 2009-08-03
Category : Business & Economics
ISBN : 9781742288154

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The Housing Bubble by Kieran Trass Pdf

After a long-running property market boom, all indications are that New Zealand is facing at least half a decade of slow or declining values. This trend is mirrored in most countries across the globe. Kieran Trass, real estate investor, advisor and commentator, reassures us that yes, we can still make money at all stages of the property cycle - slump, recovery and boom. The key is having the right knowledge and information. The Housing Bubble addresses all your real-estate questions, including:'How will we know when the slump is coming to an end?''When is it a good time to buy?' and'When will we see market recovery?

Shut Out

Kevin Erdmann
Shut Out Book PDF

Author : Kevin Erdmann
Publisher : Rowman & Littlefield
Page : 322 pages
File Size : 46,8 Mb
Release : 2019-01-21
Category : Political Science
ISBN : 9781538122150

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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.

Hot Property

Rob Nijskens,Melanie Lohuis,Paul Hilbers,Willem Heeringa
Hot Property Book PDF

Author : Rob Nijskens,Melanie Lohuis,Paul Hilbers,Willem Heeringa
Publisher : Springer
Page : 220 pages
File Size : 51,9 Mb
Release : 2019-06-14
Category : Business & Economics
ISBN : 9783030116743

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Hot Property by Rob Nijskens,Melanie Lohuis,Paul Hilbers,Willem Heeringa Pdf

This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.

The Housing Crisis

Franklin Allen,Glenn Yago
The Housing Crisis Book PDF

Author : Franklin Allen,Glenn Yago
Publisher : FT Press
Page : 18 pages
File Size : 48,8 Mb
Release : 2010-07-14
Category : Business & Economics
ISBN : 9780132478892

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The Housing Crisis by Franklin Allen,Glenn Yago Pdf

This is the eBook version of the printed book. This Element is an excerpt from Financing the Future: Market-Based Innovations for Growth (9780137011278) by Franklin Allen and Glenn Yago. Available in print and digital formats. How the housing bubble really happened: an explanation that’s simple, clear, sensible, authoritative, and short! The genesis of the housing bubble emerged from the ashes of the dot-com bust. To alleviate the downturn, the Federal Reserve drastically reduced interest rates, and the era of easy credit was under way. Other nations with massive foreign reserves were drawn to invest in the U.S., and, with Treasuries offering only meager returns, they began to eye mortgage-backed securities as a “safe” vehicle offering higher yields....

Subprime Nation

Herman M. Schwartz
Subprime Nation Book PDF

Author : Herman M. Schwartz
Publisher : Cornell University Press
Page : 280 pages
File Size : 40,9 Mb
Release : 2011-01-15
Category : Political Science
ISBN : 9780801459276

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Subprime Nation by Herman M. Schwartz Pdf

In his exceedingly timely and innovative look at the ramifications of the collapse of the U.S. housing market, Herman M. Schwartz makes the case that worldwide, U.S. growth and power over the last twenty years has depended in large part on domestic housing markets. Mortgage-based securities attracted a cascade of overseas capital into the U.S. economy. High levels of private home ownership, particularly in the United States and the United Kingdom, have helped pull in a disproportionately large share of world capital flows. As events since mid-2008 have made clear, mortgage lenders became ever more eager to extend housing loans, for the more mortgage packages they securitized, the higher their profits. As a result, they were dangerously inventive in creating new mortgage products, notably adjustable-rate and subprime mortgages, to attract new, mainly first-time, buyers into the housing market. However, mortgage-based instruments work only when confidence in the mortgage system is maintained. Regulatory failures in the U.S. S&L sector, the accounting crisis that led to the extinction of Arthur Andersen, and the subprime crisis that destroyed Lehman Brothers and Merrill Lynch and damaged many other big financial institutions have jeopardized a significant engine of economic growth. Schwartz concentrates on the impact of U.S. regulatory failure on the international economy. He argues that the "local" problem of the housing crisis carries substantial and ongoing risks for U.S. economic health, the continuing primacy of the U.S. dollar in international financial circles, and U.S. hegemony in the world system.

Global Housing Markets

Ashok Bardhan,Robert H. Edelstein,Cynthia A. Kroll
Global Housing Markets Book PDF

Author : Ashok Bardhan,Robert H. Edelstein,Cynthia A. Kroll
Publisher : John Wiley & Sons
Page : 576 pages
File Size : 40,8 Mb
Release : 2011-10-27
Category : Business & Economics
ISBN : 9781118144237

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Global Housing Markets by Ashok Bardhan,Robert H. Edelstein,Cynthia A. Kroll Pdf

A global look at the reasons behind the recent economic collapse, and the responses to it The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences. Reveals the housing crisis in the United States as the core of the meltdown Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.