“…Examples are Capozza, Hendershott and Mack (), Chan, Lee and Woo (), Chang, Cutts and Green (), Black, Fraser and Hoesli (), Coleman, LaCour‐Little and Vandell (), Hwang, Quigley and Son (), Lai and Van Order (), Taipalus (), Wheaton and Nechayef (), and Nneji, Brooks and Ward (). Case, Cotter and Gabriel () explain the speculative forces with housing asset pricing models, while Ling, Ooi and Le () use nonfundamentals‐based sentiments of home buyers, builders, and lenders in explaining how the feedback effects result in housing boom and bust periods.…”