ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

Becasue of the housing bubble, many houses are now selling for much less than their selling price just two to three years ago. There is evidence that home owners with virtually identical houses tend to asl for more if they paid more for the house.What fallacy are they making?

 

Expert Solution
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The housing bubble during the crisis started initially when the prices of houses started to rise very quickly and everyone fascinated by this was involved in buying and selling property or real estate. But it didn't last long, after some time the prices of houses fell very low and led to crash in the market. 

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