Credit supply expansion boosts housing speculation and amplifies the housing cycle. The surge in private-label mortgage securitization in 2003 fueled a large expansion in mortgage credit supply by lenders financed with noncore deposits. Areas more exposed to these lenders experienced a large relative rise in transaction volume driven by a small group of speculators, and these areas simultaneously witnessed an amplified housing boom and bust. Consistent with the importance of belief heterogeneity, house price growth expectations of marginal buyers rose during the boom, while housing market pessimism among the general population increased.

中文翻译：

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信贷供应与住房投机

信贷供应的增加促进了住房投机活动并扩大了住房周期。2003年，自有品牌抵押贷款证券化的激增推动了由非核心存款融资的贷方的抵押贷款信贷供应大幅度增长。在少数投机者的推动下，与这些贷方接触更多的区域的交易量出现了相对较大的增长，而这些区域同时见证了住房繁荣和萧条的加剧。与信念异质性的重要性一致，边际购房者对房价增长的期望在繁荣时期上升了，而普通民众对住房市场的悲观情绪却增加了。