When America's housing boom ends, it will end gradually, not like the stock market, says a Harvard scholar.
"Unlike stock prices, the housing market can't collapse in a few days. People can dump their stocks almost instantly, but it often takes months to sell a house.
In past housing busts in California, New England and elsewhere, many owners who couldn't get what they considered a reasonable price yanked their houses off the market. The number of transactions plunged but prices fell only gradually, often over several years."
[Editor's note: The link below is available to non-subscribers for 5 days.]
Thanks to Chris Steins
FULL STORY: How Will Home Boom End?
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