He tries to explain the increase in the homeownership rate over the 90s and 00s. He finds:
Demographics don't
Income and wealth don't
Interest rates don't
Local house prices don't
National house prices do!
We finds that when the moving average of national house prices rises, the propensity to own goes up. While one would think tat only local house prices are relevant, they do not have explanatory power for tenure choice--only national house prices have such power. Perhaps the frenzy was driven by national media reporting. I look forward to seeing Don's paper.
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