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Bubbles, Busts, Breaks, and Segmentation

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  • William Miles

Abstract

Given the recent turmoil in the housing market in the United States, several papers have examined whether price dynamics in municipalities displayed a structural change, which would suggest bubble and bust behavior. Some papers, however, either impose a particular break date or examine only a small subset of American cities. In this paper, I employ a more comprehensive set of tests for breaks in price parameters. I find significant breaks in some of the more prominent bubble cities in the mid-to-late 2000s, which indicates a boom-bust cycle. However, in many smaller MSAs, no such breaks occurred, signifying a high level of segmentation in the U.S. housing market.

Suggested Citation

  • William Miles, 2014. "Bubbles, Busts, Breaks, and Segmentation," Journal of Housing Research, Taylor & Francis Journals, vol. 23(1), pages 57-72, January.
    • Handle: RePEc:taf:rjrhxx:v:23:y:2014:i:1:p:57-72
    DOI: 10.1080/10835547.2013.12092079
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