We have warned for some time that housing price dynamics were unsustainable, and our views were published in the middle of 2005. In a short article commissioned by the Oregonian, we forecast the ultimate reversal of housing markets.
THE ECONOMIST: High-flying house prices fueld by fervor can’t last
The Oregonian, July 17, 2005
Joe Cortright (Special to The Oregonian) “Hard as it is to imagine, those high-flying prices may be coming to an abrupt — and for some, painful — end. The sad truth is we’re likely in the midst of a classic housing bubble.”