Kevin Erdmann has produced a report for the Mercatus Center, discussing the housing bubble. Here is an excerpt: Contrary to Chairman Bernanke's assumption, at the national level there was no overhang of housing supply that needed to be worked off in 2011. Indeed, even in 2005 there was no national oversupply of housing. Rather, the American economy was burdened by a shortage of housing, especially in the Closed Access cities. The housing bubble was concentrated in cities in the coastal Northeast, California, Nevada, Arizona, and Florida. Limiting our analysis to the 20 largest metropolitan areas, the Closed Access cities make up three-quarters of the "bubble" cities, in terms of total real estate
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