A decade of boom and bust in the prices of single-family homes: Boston and Los Angeles, 1983 to 1993
AbstractThe 1980s and 1990s have been turbulent times in the U.S. market for single-family homes. For most of the previous two decades, housing prices across states and metropolitan areas moved together and increased slowly in real terms while regional differences generally remained small. The 1980s and 1990s, in contrast, have seen increased price volatility and sharp differences in price behavior across regions with substantial housing price booms in some regions and major price declines in others. ; These boom-bust cycles had serious consequences for regional economies and national mortgage markets, with the most dramatic cycles occurring in New England and in California. This article compares the boom-bust cycles in single-family home prices in the Boston metropolitan area and in Los Angeles County from 1983 to 1993. The authors analyze the reasons for the similarities and differences between the two areas, both on the way up and on the way down, focusing on speculative behavior on the part of buyers and sellers and the differing behavior of price tiers over the course of the cycle.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Federal Reserve Bank of Boston in its journal New England Economic Review.
Volume (Year): (1994)
Issue (Month): Mar ()
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Christopher J. Mayer, 1993. "Taxes, income distribution, and the real estate cycle: why all houses do not appreciate at the same rate," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 39-50.
- Mankiw, N. Gregory & Weil, David N., 1989.
"The baby boom, the baby bust, and the housing market,"
Regional Science and Urban Economics,
Elsevier, vol. 19(2), pages 235-258, May.
- N. Gregory Mankiw & David N. Weil, 1988. "The Baby Boom, The Baby Bust, and the Housing Market," NBER Working Papers 2794, National Bureau of Economic Research, Inc.
- Robert J. Shiller, 1991. "Arithmetic Repeat Sales Price Estimators," Cowles Foundation Discussion Papers 971, Cowles Foundation for Research in Economics, Yale University.
- Poterba, James M, 1984.
"Tax Subsidies to Owner-occupied Housing: An Asset-Market Approach,"
The Quarterly Journal of Economics,
MIT Press, vol. 99(4), pages 729-52, November.
- James M. Poterba, 1983. "Tax Subsidies to Owner-occupied Housing: An Asset Market Approach," Working papers 339, Massachusetts Institute of Technology (MIT), Department of Economics.
- Karl E. Case, 1986. "The market for single-family homes in the Boston area," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 38-48.
- Susin, Scott, 2002. "Rent vouchers and the price of low-income housing," Journal of Public Economics, Elsevier, vol. 83(1), pages 109-152, January.
- Case, Karl E. & Mayer, Christopher J., 1996.
"Housing price dynamics within a metropolitan area,"
Regional Science and Urban Economics,
Elsevier, vol. 26(3-4), pages 387-407, June.
- Karl E. Case & Christopher J. Mayer, 1995. "Housing price dynamics within a metropolitan area," Working Papers 95-3, Federal Reserve Bank of Boston.
- Karl E. Case & Christopher J. Mayer, 1995. "Housing Price Dynamics Within a Metropolitan Area," NBER Working Papers 5182, National Bureau of Economic Research, Inc.
- Guerrieri, Veronica & Hartley, Daniel & Hurst, Erik, 2013.
"Endogenous gentrification and housing price dynamics,"
Journal of Public Economics,
Elsevier, vol. 100(C), pages 45-60.
- Veronica Guerrieri & Daniel Hartley & Erik Hurst, 2010. "Endogenous Gentrification and Housing Price Dynamics," NBER Working Papers 16237, National Bureau of Economic Research, Inc.
- Veronica Guerrieri & Daniel Hartley & Erik Hurst, 2010. "Endogenous gentrification and housing price dynamics," Working Paper 1008, Federal Reserve Bank of Cleveland.
- Erik Hurst & Daniel Hartley & Veronica Guerrieri, 2011. "Endogenous Gentrification and Housing Price Dynamics," 2011 Meeting Papers 1418, Society for Economic Dynamics.
- Glaeser, Edward L. & Gyourko, Joseph & Saiz, Albert, 2008.
"Housing supply and housing bubbles,"
Journal of Urban Economics,
Elsevier, vol. 64(2), pages 198-217, September.
- Edward L. Glaeser & Joseph Gyourko & Albert Saiz, 2008. "Housing Supply and Housing Bubbles," NBER Working Papers 14193, National Bureau of Economic Research, Inc.
- Glaeser, Edward & Saiz, Albert & Gyourko, Joseph, 2008. "Housing Supply and Housing Bubbles," Scholarly Articles 2962640, Harvard University Department of Economics.
- David Dale-Johnson, 1999. "Anatomy of a Market Crash: Suburban Housing Supply in California: 1989 - 1994," Working Paper 8652, USC Lusk Center for Real Estate.
- Monkkonen, Paavo & Wong, Kelvin & Begley, Jaclene, 2012. "Economic restructuring, urban growth, and short-term trading: The spatial dynamics of the Hong Kong housing market, 1992–2008," Regional Science and Urban Economics, Elsevier, vol. 42(3), pages 396-406.
- repec:tcd:tcduee:tep051 is not listed on IDEAS
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Catherine Spozio).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.