“…An important question is how these expectations measures fit the evidence on expectations derived from other sources. In particular, the literature that studies house price cycles draws expectations data from surveys (e.g., Piazzesi and Schneider, 2009;Lambertini et al, 2013;Cox and Ludvigson, 2018). The main source of survey expectations about housing is the Michigan Survey of Consumers, which, to our best knowledge, is the only survey of house price expectations that covers the entire boom period.…”