01663cas a2200241 a 4500 AALejournalIMF005275 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451839722 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. United States : Selected Issues. Washington, D.C. : International Monetary Fund, 2008. 1 online resource (21 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This Selected Issues paper summarizes estimates of the gap between current housing prices and their equilibrium levels in the United States. It examines short-term dynamics of price adjustment. Reflecting uncertainties about how to analyze underlying housing price trends, two approaches are used in the paper to estimate the extent of housing-price overvaluation. Both techniques yield similar results, revealing considerable overvaluation in the last few years, which has not been fully corrected yet. The gap between actual and equilibrium housing prices seems to matter only through its medium-term impact on the inventory-to-sales ratio. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2008/256 Full text available on IMF http://elibrary.imf.org/view/journals/002/2008/256/002.2008.issue-256-en.xml IMF e-Library