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4min chapter
The Modern Empiricist Proving Old Wisdom On Household Debt And Recession - Amir Sufi
The Joe Walker Podcast
The US Real Estate Convulsion: Two Cities With Virtually Unlimited Supply
In Las Vegas and Phoenix, two cities which have virtually unlimited supply. Real home prices increased 10% in Vegas in 2003 and then 49% in 2004. How do you make sense of those extreme run-ups in two cities with virtually unlimited supply? So I think there's two points. First, it matters how much you believe these measures of housing supply elasticity. It might not be sufficient. But I really do think credit is a necessary condition to get these dynamics.
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