期刊名称：Business Review - Federal Reserve Bank of Philadelphia
印刷版ISSN：0007-7011
出版年度：2015
期号：1
页码：21
出版社：Federal Reserve Bank of Philadelphia
摘要：What drove the remarkable 50 percent rise in U.S. houseprices from 1996 to 2006 — and their dramatic 30percent fall by 2011?1 To explain this historic cycle,most research points to three factors: low interest rates,the growth of subprime mortgages, and increasingly laxlending standards.2 But there appears to be increasing evidence ofanother important factor: speculation by individual investors. Investorscan improve market efficiency under certain circumstances. Yet, as thisarticle summarizes from recent research, they also have an outsize effecton house price changes. To assess what part investors played in thehousing bubble, it will help to understand investor characteristics andwhat factors drive their buying and selling.
