摘要：The recent U.S. house price bubble and the subsequent deep financial crisis have renewed theinterest in reliable identification methods for asset price bubbles. While there is a growingnumber of studies focussing on the detection of U.S. regional bubbles, estimations of thelikely starting points in different local U.S. markets are still rare. Using regional data from1990 to 2010 methods of Statistical Process Control (SPC) are used to test for house pricebubbles in 17 major U.S. cities. Based on the EWMA control chart we also presentestimations of the likely starting point of the regional bubbles. As a result, we find indicationsof house price bubbles in all 17 considered cities. Interestingly enough, the recent bubble wasnot a homogeneous event since regional starting points range from 1996 to 2002
关键词：statistical process control; real estate; bubble; regional U.S. house;prices
