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United States: Selected Issues

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  • International Monetary Fund

Abstract

This Selected Issues paper summarizes estimates of the gap between current housing prices and their equilibrium levels in the United States. It examines short-term dynamics of price adjustment. Reflecting uncertainties about how to analyze underlying housing price trends, two approaches are used in the paper to estimate the extent of housing-price overvaluation. Both techniques yield similar results, revealing considerable overvaluation in the last few years, which has not been fully corrected yet. The gap between actual and equilibrium housing prices seems to matter only through its medium-term impact on the inventory-to-sales ratio.

Suggested Citation

  • International Monetary Fund, 2008. "United States: Selected Issues," IMF Staff Country Reports 2008/256, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2008/256
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=22214
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    Cited by:

    1. Mr. Marcello M. Estevão & Ms. Evridiki Tsounta, 2011. "Has the Great Recession Raised U.S. Structural Unemployment?," IMF Working Papers 2011/105, International Monetary Fund.

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