I estimate the effects of second-home buying (existing homeowners acquiring additional properties) on the housing boom and bust, by constructing a new measure and using a new identification strategy based on the rise in out-of-town demand for second homes in vacation areas during the housing boom. Areas with plausibly exogenous higher second-home buying experienced a sharper boom and bust: faster growth in house prices and construction employment from 2000 to 2006, and a sharper contraction from 2006 to 2010. The results suggest that changes in credit demand were important in amplifying the recent housing cycle.

中文翻译：

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二套房购买与房地产繁荣与萧条

我估计了第二套住房购买（现有房主购买额外房产）对房地产繁荣和萧条的影响，通过构建一个新的衡量标准，并使用基于度假时外地对第二套住房需求增加的新识别策略房地产繁荣时期的地区。看似外生的二套房购买率较高的地区经历了更为剧烈的繁荣和萧条：房价和建筑业就业从 2000 年到 2006 年增长更快，而从 2006 年到 2010 年收缩更剧烈。结果表明，信贷需求的变化对于放大最近的住房周期。