Visiting Senior Fellow and Acting Director of Academic Outreach at the Center for Growth and Opportunity at Utah State University Aaron Hedlund and Federal Reserve Bank of St. Louis Vice President Carlos Garriga recently had their CGO working paper Crises in the Housing Market: Causes, Consequences, and Policy Lessons, published in the Oxford Research Encyclopedia of Economics and Finance. To help better understand housing crises, this paper reviews the latest research regarding the causes, consequences, and policy implications of housing crises. Fundamentals like household income and construction costs explain much of the dynamics of house prices over longer time horizons. Evolving mortgage credit conditions, driven by both economic and policy changes, also play a major role during boom-bust episodes.