Word: marketed
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Dates: during 2000-2009
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...reason we have bubbles in the housing market is because there's been no way to short housing [that is, to make money when prices fall]. The ability to short is essential to an efficient market, otherwise there's nothing to stop zealots from pricing things abnormally high. If you buy one of these long securities, called UMM, it's like buying a house, except you don't have to go through the real estate agent, take possession of a property, maintain it, rent it out. But we also have the DMM, which is short housing. Markets like this will...
...Home-equity insurance. We want to have homeowners' insurance, which protects against things like fires, updated so that it protects against a loss of market value. Fires were a big problem hundreds of years ago. Houses were burning down all the time. Now we've developed a different problem-the residential housing market has gotten much more volatile...
...People are talking about the housing market bottoming out. Do you believe...
...fact with our [Case-Shiller] data is that prices are still falling, although at a somewhat lower rate. There is also some sign of pick-up in pending-home sales. But to me the dominant fact is that prices are still falling. We've never seen a real estate market turn on a dime. For the longer horizon, though, it's possible that we are picking up. The other thing that is striking is that home prices have come down a lot, so they're no longer very overpriced...
...That is the issue, whether we'll overshoot and end up being below, in inflation-adjusted terms, where we were in 1997. We're not quite down to where we were before, but we're getting close. Overshooting is typical in the stock market, but in the housing market, I don't know. We've never really had such a big, national bubble in the housing market before...