While traveling in New Jersey last year, Sean P. Salter saw the question screaming from the cover of New York Magazine: "Will the Bubble Burst?" The booming success of the housing market has defied the gravity of an economic downturn in recent years, sparking economists and others to ask whether these good times will go out with a bang. Salter, an assistant professor of finance at the University of Southern Mississippi, was intrigued. "I picked up the magazine and read it on the plane on the way back. I was just interested that there was a whole edition of any magazine that was designated to the housing bubble," he said. Salter then teamed with Randy I. Anderson, associate professor of economics and finance at the City University of New York's Baruch College, and Zheng Wang, a statistics...
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