Robert Shiller released a book in 2000 titled Irrational Exuberance, which proclaimed the stock market was a bubble. Soon afterward, the tech bubble burst. Then in 2004, the Yale economics professor called attention to spiking real estate prices with a paper titled Is There a Bubble in the Housing Market? By 2007, Shiller predicted its bust was inevitable. Soon afterward, of course, the 2008 housing bubble burst.
As the pandemic housing boom—which has pushed up U.S. home prices by 42% over…
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