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Beginning in 1997, the U.S. witnessed house price appreciation that was highly unusual in
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historical terms. Between 1997 and 2006, real home prices increased by nearly 85 percent.1
==Index and Glossary==
Sustained price increases near this magnitude have only been observed once during the twentieth
There is an index to the topics dealt with in the economics articles [[Economics/Related Articles|here]], and a glossary of economic terms [[Economics/Glossary|here]].
century, in the period immediately after World War II2 (See Figure 1). In fact, during the period 2001 through 2005, the annual rate of house price appreciation accelerated. The
S&P/Case-Shiller® Home Price Index shows annual price appreciation rising from slightly
over eight and one-half percent in 2001 to more than 15 percent in 2005.


<ref>[http://jec.senate.gov/archive/Documents/Reports/10.25.07OctoberSubprimeReport.pdf ''The Subprime Lending Crisis'', US Senate Joint Economic Committee, October 2007]</ref>    JEC Oct 2007
See also the  [[Politics/Index|'''index to the politics articles ''']].


The price of the average UK house has risen by 187% to £179,000 since February 1996. http://news.bbc.co.uk/1/hi/business/6090972.stm
[[User:Nick_Gardner#Methodology|methodology]]
BBC news 2006  Friday, 27 October 2006


between  1995 and 2007 I prices more than quadrupled <ref>[http://www.imf.org/external/pubs/ft/wp/2010/wp1057.pdf Daniel Kanda: ''Asset Booms and Structural Fiscal Positions: The Case of Ireland'', International Monetary Fund, March 2010]</ref>
{|align="right" cellpadding="10" style="background-color:#FFFFCC; width:40%; border: 1px solid #aaa; margin:20px; font-size: 92%;"
|"''The European Union is something ...
  very precious, not only for us in Europe, but also for the rest of the world. Because the European Union is, in fact, the result of a project for peace that brought together nations emerging from the ruins of the Second World War. It was the European Union that united them in peace around the values of respect for human dignity, freedom, democracy, justice, rule of law and respect for human rights.''"


Many economists argue that house prices have risen too far too fast in many markets, forming a bubble that could rapidly collapse and trigger an economic downturn, as overinflated stock prices did at the turn of the century
:Merci Olsson, of Nobel Med, congratulating  President Barroso on the award of The Nobel Peace Prize t the European Union, 12 October 2012.
currently chairman of the president's Council of Economic Advisers, in testimony to Congress's Joint Economic Committee. But these increases, he said, "largely reflect strong economic fundamentals," such as strong growth in jobs, incomes and the number of new households. <ref>[http://www.washingtonpost.com/wp-dyn/content/article/2005/10/26/AR2005102602255.html Nell Henderson: ''Bernanke: There's No Housing Bubble to Go Bust'', Washington Post, October 27, 2005 ]</ref>
|}
 
House prices have risen by nearly 25 percent over the past two years. Although
speculative activity has increased in some areas, at a national level these price increases
largely reflect strong economic fundamentals, including robust growth in jobs and
incomes, low mortgage rates, steady rates of household formation, and factors that limit
the expansion of housing supply in some areas. House prices are unlikely to continue
rising at current rates. However, as reflected in many private-sector forecasts such as the
Blue Chip forecast mentioned earlier, a moderate cooling in the housing market, should
one occur, would not be inconsistent with the economy continuing to grow at or near its
potential next year.
 
<ref>[www.house.gov/jec/hearings/testimony/109/10-20-05bernanke.pdf  Ben Bernanke: ''The Economic Outlook'', Testimony to the Joibt Economic Committee  October 20 2005]</ref>
 
<ref>[http://papers.ssrn.com/sol3/papers.cfm?abstract_id=991107 Robert J. Shiller: ''Historic Turning Points in Real Estate'', Cowles Foundation Discussion Paper No. 1610, NPR news, June 2007]</ref>
 
 
 
<ref>[http://www.npr.org/templates/story/story.php?storyId=4679264 ''Yale Professor Predicts Housing 'Bubble' Will Burst'', Robert Shiller  interview with Madeleine Brand  June 23 2005
 
 
 
real interest rate allowed the “US to continue on this low-interest, high-liquidity asset
boom”.9
 
<ref>[http://www1.worldbank.org/finance/html/database_sfd.html ''Bank Crises Database'' World Bank 2003]</ref>
 
<references/>

Latest revision as of 03:28, 22 November 2023


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Index and Glossary

There is an index to the topics dealt with in the economics articles here, and a glossary of economic terms here.

See also the index to the politics articles .

methodology

"The European Union is something ... 
very precious, not only for us in Europe, but also for the rest of the world. Because the European Union is, in fact, the result of a project for peace that brought together nations emerging from the ruins of the Second World War. It was the European Union that united them in peace around the values of respect for human dignity, freedom, democracy, justice, rule of law and respect for human rights."
Merci Olsson, of Nobel Med, congratulating President Barroso on the award of The Nobel Peace Prize t the European Union, 12 October 2012.
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