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I don't think speculative behavior alone can explain housing bubbles: it has also much to do with cultural attitudes and social status regarding home ownership (property owner vs. simple tenant), property laws vs. renters protection laws, and most of all, shared beliefs and myths about real estate: "safe investment", "never loose value in the long run", "security for the retirement days", etc...

Of course, different monetary policies can add fuel to the fire or siphon-off your tank altogether.

by Bernard on Thu Aug 26th, 2010 at 12:41:37 PM EST
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