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The article pertains to the topic of speculative price bubbles which arise in the real estate market. The individual parts of the article deal with the connection between the price bubble in the American real estate market and the global economic crisis, defining the concept of a price bubble with regard to the behaviors of market participants, providing a description of the environment generating price bubbles, and systematizing the reasons behind the formation of price bubbles. The analysisdoi:10.2478/remav-2014-0010 fatcat:m65wwyp76vdb7ej36otkoxftui