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Essay / Research Paper Abstract
A 3 page paper discussing the reasons that the bubble of the US housing market appears to have burst. Average home prices in northern California increased 60 percent 2004-2006, which is not sustainable over a long period of time. The paper discusses the law of supply and demand and its action when a bubble begins to contract. Bibliography lists 5 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSeconHous.rtf
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Unformatted sample text from the term paper:
spring of 1890, The Chicago Tribune reported on "men who bought property at prices they knew perfectly well were fictitious, but who were prepared to pay such prices simply because
they knew that some still greater fool could be depended on to take the property off their hands and leave them with a profit" (Economics A-Z, 2004). The cycle
grows beyond reason, until eventually people come to believe that prices have gone high enough and that they are unlikely to rise further. The law of supply and demand
then reminds us all it still exists, and it still functions. Demand cools, but supply continues to increase. Less demand plus greater supply equals lower prices. It
is an old law and never fails to work when not artificially prevented from doing so. Its latest canvas is the US housing market. Skyrocketing Prices
It is the nature of real estate to appreciate over time. Just as Adam Smith observed with the overall economy, the natural progression is expansion.
The speed with which that expansion occurs influences the drama exhibited when it stops. It appears that in what formerly were the
"hottest" markets in the country, buyers and potential buyers finally have come to the point of realizing that the emperor truly has no clothes at all. In the area
of California containing Bakersfield and Sacramento, average home prices increased "by as much as 60 percent during the past two years" (Think Twice before Buying Here, 2006). Along Floridas
Gulf Coast, most of the residents are retirees and the median home price increased 25 percent in 2005 to reach $500,000. In Phoenix, land and home speculation led to
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