{"id":2833,"date":"2008-01-20T15:21:57","date_gmt":"2008-01-20T23:21:57","guid":{"rendered":"http:\/\/www.meehawl.com\/Blogfiles\/2008\/01\/20\/15\/21\/failing-grade\/"},"modified":"2008-01-20T15:21:57","modified_gmt":"2008-01-20T23:21:57","slug":"failing-grade","status":"publish","type":"post","link":"https:\/\/www.meehawl.com\/Blogfiles\/2008\/01\/20\/15\/21\/failing-grade\/","title":{"rendered":"Failing Grade"},"content":{"rendered":"<blockquote><p><a href=\"http:\/\/www.usc.edu\/schools\/sppd\/lusk\/casden\/news\/item.php?id=322&amp;type=news\">But it&#8217;s probably a mistake to expect the current housing market to behave like the stock market of the late 1990s. &#8220;There is no bubble!&#8221; says Raphael Bostic, professor at USC&#8217;s School of Policy, Planning and Development. Bostic&#8217;s reasoning\u00e2\u20ac\u201dshared by [Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University] and senior economist Christopher Thornberg of the UCLA Anderson Forecast\u00e2\u20ac\u201dis that there are rational explanations for the price increases, outsized though they may be. &#8220;It&#8217;s Economics 101,&#8221; Bostic says. &#8220;A simple formula: Supply and demand.&#8221;<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>But it&#8217;s probably a mistake to expect the current housing market to behave like the stock market of the late 1990s. &#8220;There is no bubble!&#8221; says Raphael Bostic, professor at USC&#8217;s School of Policy,&#46;&#46;&#46;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[180,74,479,470,473,477,471,472,474,476,478],"tags":[],"class_list":["post-2833","post","type-post","status-publish","format-standard","hentry","category-california","category-economics","category-economists","category-harvard-university","category-madness-of-crowds","category-nicholas-retsinas","category-property","category-property-bubble","category-raphael-bostic","category-thornberg","category-ucla"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"But it&#039;s probably a mistake to expect the current housing market to behave like the stock market of the late 1990s. &quot;There is no bubble!&quot; says Raphael Bostic, professor at USC&#039;s School of Policy, Planning and Development. 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