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Using proprietary micro data on the complete set of housing transactions between 1993
and 2009 in 99 metropolitan areas, we investigate whether contagion was an important factor in
the last housing cycle. We define contagion as the price correlation between two different
housing markets following a shock to one market that is above and beyond that which can be
justified by common aggregate trends. Moderator cut: copyright violation. 1-2 sentences and link
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