Wikipedia adds an incredibly thorough entry on the whole housing bubble phenomenon called United States housing bubble. Hat tip to Calculated Risk.

It lays out much of the events associated with the end of the recent housing boom. Its long, but its a good read.

Here are some of the topics:

  • Controversy
  • Mania for home ownership
  • Widespread belief that housing is a risk-free, growth investment
  • Popularity of home purchasing in the media
  • Speculative purchases of homes
  • Crash of the dot-com bubble
  • Historically low interest rates
  • Differential relationship between interest rates and affordability
  • Interest-only and adjustable rate mortgages
  • Predictions and status of a market correction

Its makes a pretty strong argument for Wikipedia as a resource.