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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信贷供给与房屋投机

信贷供应扩张助长了住房投机并放大了住房周期。2003 年自有品牌抵押贷款证券化的激增推动了以非核心存款融资的贷方的抵押信贷供应大幅扩张。在少数投机者的推动下，受这些贷方影响较大的地区交易量相对大幅上升，而这些地区同时见证了房地产繁荣和萧条的放大。与信念异质性的重要性相一致的是，边际买家的房价增长预期在繁荣期间有所上升，而普通民众对房地产市场的悲观情绪有所增加。