Anatomy of the Beginning of the Housing Boom across U.S. Metropolitan Areas
研究了美国上次住房繁荣在不同大都市区开始的地点、时间、规模和决定因素，发现潜在购房者收入能解释一半的价格初始跳升，而少数族裔购房扩张和次级抵押贷款并非主因。
Abstract We provide novel estimates of the location, timing, magnitude, and determinants of the start of the previous U.S. housing boom. The housing cycle cannot be interpreted as a single, national event, as different markets began to boom across a decade-long period, some of them multiple times. A fundamental factor, income of prospective buyers, can account for half of the initial jump in price growth, while expansion of purchases by underrepresented minorities cannot. The start of the boom also was financed conventionally, not by subprime mortgages. The latter's share did rise sharply over time, but only after a multiyear lag.