To paraphrase the Nobel prize winning economist Robert Shiller: Bubbles are situations in which just hearing stories of friends and family benefitting from home prices going up, attracts more people to buy through a combination of envy and gambler’s excitement.

To measure this, Shiller and his long time collaborator Karl Case sent out surveys to buyers and sellers in a number of US cities and identified a number of red flag responses that are indicative of a housing bubble.  

What are some of these red flags?