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A decade of boom and bust in the prices of single-family homes: Boston and Los Angeles, 1983 to 1993

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Author Info

  • Karl E. Case
  • Robert J. Shiller

Abstract

The 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.

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File URL: http://www.bostonfed.org/economic/neer/neer1994/neer294d.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Boston in its journal New England Economic Review.

Volume (Year): (1994)
Issue (Month): Mar ()
Pages: 40-51

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Handle: RePEc:fip:fedbne:y:1994:i:mar:p:40-51

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Keywords: Boston (Mass.) ; Real property ; Los Angeles (Calif.);

References

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  1. 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.
  2. 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.
  3. 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.
  4. Robert J. Shiller, 1991. "Arithmetic Repeat Sales Price Estimators," Cowles Foundation Discussion Papers 971, Cowles Foundation for Research in Economics, Yale University.
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Cited by:
  1. Veronica Guerrieri & Daniel Hartley & Erik Hurst, 2010. "Endogenous Gentrification and Housing Price Dynamics," NBER Working Papers 16237, National Bureau of Economic Research, Inc.
  2. 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.
  3. Karl E. Case & Christopher J. Mayer, 1995. "Housing price dynamics within a metropolitan area," Working Papers 95-3, Federal Reserve Bank of Boston.
  4. repec:tcd:tcduee:tep051 is not listed on IDEAS
  5. 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.
  6. Susin, Scott, 2002. "Rent vouchers and the price of low-income housing," Journal of Public Economics, Elsevier, vol. 83(1), pages 109-152, January.

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