The boom and bust of U.S. housing prices from various geographic perspectives
AbstractThis paper summarizes changes in housing prices during the recent U.S. boom and bust from various geographic perspectives. Nationally, the Standard & Poor’s/Case-Shiller house price index more than doubled in nominal terms during the boom and has fallen by roughly a third subsequently. During the boom, housing prices tended to rise much faster in metropolitan areas in the East and West Coast regions than in the country’s interior. After adjusting for inflation, 7 of 19 metropolitan areas have experienced real declines in housing prices from the start of the boom to the present. Although lower-priced houses showed a larger percentage increase during the boom, higher-priced houses fared relatively better over the boom and bust. Changes in land prices, which are not easily measured, appear to have driven housing prices to a greater extent than changes in the prices of housing structures. Internationally, seven countries experienced housing booms and busts; however, these countries tended to have larger booms and smaller absolute busts than the United States.
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 St. Louis in its journal Review.
Volume (Year): (2012)
Issue (Month): Sep ()
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.:
- Morris A. Davis & Jonathan Heathcote, 2004.
"The price and quantity of residential land in the United States,"
Finance and Economics Discussion Series
2004-37, Board of Governors of the Federal Reserve System (U.S.).
- Davis, Morris A. & Heathcote, Jonathan, 2007. "The price and quantity of residential land in the United States," Journal of Monetary Economics, Elsevier, vol. 54(8), pages 2595-2620, November.
- Jonathan Heathcote & Morris Davis, 2004. "The Price and Quantity of Residential Land in the United States," 2004 Meeting Papers 32, Society for Economic Dynamics.
- Davis, Morris & Heathcote, Jonathan, 2005. "The Price and Quantity of Residential Land in the United States," CEPR Discussion Papers 5333, C.E.P.R. Discussion Papers.
- John Y. Campbell & Stefano Giglio & Parag Pathak, 2011.
"Forced Sales and House Prices,"
American Economic Review,
American Economic Association, vol. 101(5), pages 2108-31, August.
- Andrew Haughwout & James Orr & David Bedoll, 2008. "The price of land in the New York metropolitan area," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 14(Apr).
- Edward L. Glaeser & Joshua D. Gottlieb & Kristina Tobio, 2012.
"Housing Booms and City Centers,"
American Economic Review,
American Economic Association, vol. 102(3), pages 127-33, May.
- Terrence M. Clauretie & Nasser Daneshvary, 2009. "Estimating the House Foreclosure Discount Corrected for Spatial Price Interdependence and Endogeneity of Marketing Time," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(1), pages 43-67.
- Tammy Leonard & James Murdoch, 2009. "The neighborhood effects of foreclosure," Journal of Geographical Systems, Springer, vol. 11(4), pages 317-332, December.
- Michele Boldrin & Carlos Garriga & Adrian Peralta-Alva & Juan M. Sánchez, 2013. "Reconstructing the great recession," Working Papers 2013-006, Federal Reserve Bank of St. Louis.
- Daniel Hartley, 2011. "The effect of foreclosures on nearby housing prices: supply or disamenity?," Working Paper 1011, Federal Reserve Bank of Cleveland.
- Rogers, William H. & Winkler, Anne E., 2013. "The Relationship between the Housing & Labor Market Crises and Doubling-Up: An MSA-Level Analysis, 2005-2010," IZA Discussion Papers 7263, Institute for the Study of Labor (IZA).
- Anundsen, André Kallåk & Heebøll, Christian, 2013. "Supply Restrictions, Subprime Lending and Regional US Housing Prices," Memorandum 04/2013, Oslo University, Department of Economics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anna Xiao).
If references are entirely missing, you can add them using this form.