Program in Environmental Science and Regional Planning Washington State University |
| Real estate markets are among the most unstable and cyclic asset markets, exhibiting large amplitude cycles of 10-20 years. Real estate constitutes a large fraction of the total wealth in any economy, generates a significant fraction of banking activity and debt, and strongly affects the job market. Consequently, real estate booms are often accompanied by periods of intense speculation involving expansion of credit and banking activity, stimulating the local and even national economy. When the bubble bursts, the resulting bad loans, defaults, and unemployment can throw an entire region into recession or even depression. | |
John D. Sterman, Business Dynamics, |
(Homer Hoyt) |
(DiPasquale and Wheaton) |
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1830-1933 |
1961 - 1991 |
have to say? | ||
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