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Discuss: House prices soared in many countries over the past year. Two factors seem to explain the recentrise in house prices: (1) A significant shift

Discuss: House prices soared in many countries over the past year. Two factors seem to explain the recentrise in house prices: (1) A significant shift to the right of the housing demand as a consequence of preference changes and low interest rates, and (2) a relativelly inelastic housing supply in the short run.

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