Bypassing the bust: the stability of upstate New York's housing markets during the recession
AbstractOver the past decade, the United States has seen real estate activity swing from boom to bust. But upstate New York has been largely insulated from this volatility, with metropolitan areas such as Buffalo, Rochester, and Syracuse even registering home price increases during the recession. An analysis of upstate housing markets over the most recent residential real estate cycle indicates that the region's relatively low incidence of nonprime mortgages and the better-than-average performance of these loans contributed to this stability.
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Bibliographic InfoArticle provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.
Volume (Year): 16 (2010)
Issue (Month): Mar ()
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- Jaison R. Abel & Richard Deitz, 2012. "How severe was the credit cycle in the New York-northern New Jersey region?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 18(Nov).
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- Michael Brocker & Christopher Hanes, 2013. "The 1920s American Real Estate Boom and the Downturn of the Great Depression: Evidence from City Cross Sections," NBER Chapters, in: Housing and Mortgage Markets in Historical Perspective National Bureau of Economic Research, Inc.
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