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Was It Really a Bubble?

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UH OH, THE IRRATIONAL RATIONALIZERS ARE BACK
"Adjusted for inflation, residential property values were still higher at the end of 2009 than 10 years ago.  This fact raises the possibility that at least part of the housing boom was an efficient response to market fundamentals," writes Casey Mulligan, an economics professor at the University of Chicago. "[A] large fraction of the housing price boom was justified by fundamentals... If so, we are probably asking too much of the Federal Reserve and other regulators to accurately disentangle bubbles from fundamentals the next time that asset prices rise."
SOURCE:   New York Times

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