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House Price Forecasts, Forecaster Herding, and the Recent Crisis

DOI: 10.3390/ijfs1010016

Keywords: forecasts, house prices, housing starts, herding

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Abstract:

We used the Wall Street Journal survey data for the period 2006–2012 to analyze whether forecasts of house prices and housing starts provide evidence of (anti-)herding of forecasters. Forecasts are consistent with herding (anti-herding) of forecasters if forecasts are biased towards (away from) the consensus forecast. We found that anti-herding is prevalent among forecasters of house prices. We also report that, following the recent crisis, the prevalence of forecaster anti-herding seems to have changed over time.

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