Rational Expectations and the Housing Bubble
“More than 70% of U.S. consumers believe a national housing bubble will burst and home prices will collapse within the next year, although 56% believe it’s unlikely to happen in the area where they live, according a new survey.”
Morrissey, Janet. 2006. “Consumers Expect Housing Bubble to Burst.” Wall Street Journal (20 April): p. D 3.