/biz/ - Business & Finance

Other factors such as interest rates, government policies and subsidies, mortgage rates, lending, and international conflict, as well as regional real estate market differences, can affect these swings by two or three years, but they have not, historically, stopped the 18-year cycle itself (with the exception of World War II). Historic and modern economists say this is partly due to the nature of land ownership, investment, taxation and development, not other economic factors.