It’s the second sentence on the page: “We find that housing speculation, anchored, in part, on extrapolation of past housing price changes, led not only to gre

It’s the second sentence on the page: “We find that housing speculation, anchored, in part, on extrapolation of past housing price changes, led not only to greater price increases and more housing construction during the boom in 2004 to 2006, but also to more severe economic downturns during the subsequent bust in 2007 to 2009.”