  I studied the convergence of regional house prices to national prices in USA
by analyzing time-series of house price indices of 9 Census Divisions. I found
the evidence of the convergence in some parts of the country using asymmetric
unit root tests. The fact that the evidence of the convergence is not present
in large parts of the country raises an issue of execution and interpretation
of results of Federal Reserve Bank's annual stress testing of the US banking
system.
