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Anatomy of the Beginning of the Housing Boom across U.S. Metropolitan Areas

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  • Fernando Ferreira

    (Wharton School, University of Pennsylvania and NBER)

  • Joseph Gyourko

    (Wharton School, University of Pennsylvania and NBER)

Abstract

We provide novel estimates of the location, timing, magnitude, and determinants of the start of the previous U.S. housing boom. The housing cycle cannot be interpreted as a single, national event, as different markets began to boom across a decade-long period, some of them multiple times. A fundamental factor, income of prospective buyers, can account for half of the initial jump in price growth, while expansion of purchases by underrepresented minorities cannot. The start of the boom also was financed conventionally, not by subprime mortgages. The latter's share did rise sharply over time, but only after a multiyear lag.

Suggested Citation

  • Fernando Ferreira & Joseph Gyourko, 2023. "Anatomy of the Beginning of the Housing Boom across U.S. Metropolitan Areas," The Review of Economics and Statistics, MIT Press, vol. 105(6), pages 1442-1447, November.
    • Handle: RePEc:tpr:restat:v:105:y:2023:i:6:p:1442-1447
    DOI: 10.1162/rest_a_01133
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