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Political Bubbles by Keith T. Poole, Howard Rosenthal, Nolan McCarty

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INTRODUCTION

Prologue: A Bubble Couple

One of us was unfortunate enough to be caught up in the housing bubble in southern California. He was relocating to the San Diego area in late 2004. He and his wife had owned four homes in three states over the previous twenty-seven years. Typically, the couple would negotiate with sellers over price and then seek financing from a bank. They would also initiate contact with lenders for refinancing.

The couple went house hunting when the North San Diego County real estate market was frenetic. Their agent advised them to carry cell phones at all times because if anything came on the market potential buyers had less than a day to view a property and make an offer. Typically houses drew multiple offers. When ...

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