Abstract
Using an experimental design, we examine the impact of information disclosure on housing market efficiency. We find that as information disclosure increases, forecasted home prices, listing prices, and transaction prices all show statistically significant reductions in volatility. Taken together, the likelihood of experiencing a residential pricing bubble was reduced by 57.4% as information disclosure increased. We suggest there is a need for greater information disclosure and price transparency in residential real estate as a way to stabilize a potentially volatile marketplace, which in the very recent past resulted in a global financial crisis.
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