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The Influence of the Home Owners’ Loan Corporation on Housing Markets During the 1930s

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  • Price V. Fishback
  • Alfonso Flores-Lagunes
  • William Horrace
  • Shawn E. Kantor
  • Jaret Treber

Abstract

Problems with mortgage financing are widely considered to be a major cause of the recent financial meltdown. Several modern programs have been designed to mimic the Home Owners’ Loan Corporation of the 1930s. The HOLC replaced the toxic assets on the balance sheets of financial institutions by buying troubled mortgages and then refinanced the mortgages to allow home owners to avoid losing their homes. We analyze the impact of the HOLC on the nonfarm rental and owned home markets after developing a new data set for over 2800 counties in the United States. In counties with fewer than 50,000 people, where financial markets were not as well developed as in larger cities, the HOLC’s financial interventions helped stimulate the demand for owned housing more than it influenced the supply. In rental markets the HOLC appears to have contributed to an increase in the supply of rental housing that was likely associated the improvement of the balance sheets of lending institutions.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15824.

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Date of creation: Mar 2010
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Publication status: published as Price V. Fishback & Alfonso Flores-Lagunes & William C. Horrace & Shawn Kantor & Jaret Treber, 2011. "The Influence of the Home Owners' Loan Corporation on Housing Markets During the 1930s," Review of Financial Studies, Society for Financial Studies, vol. 24(6), pages 1782-1813.
Handle: RePEc:nbr:nberwo:15824

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Cited by:
  1. Kenneth Snowden, 2013. "A Historiography of Early NBER Housing and Mortgage Research," NBER Chapters, in: Housing and Mortgage Markets in Historical Perspective, pages 15-36 National Bureau of Economic Research, Inc.
  2. Jonathan D. Rose, 2013. "A primer on farm mortgage debt relief programs during the 1930s," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2013-33, Board of Governors of the Federal Reserve System (U.S.).
  3. Kenneth Snowden & Eugene N. White & Price Fishback, 2013. "Introduction to "Housing and Mortgage Markets in Historical Perspective"," NBER Chapters, in: Housing and Mortgage Markets in Historical Perspective, pages 1-13 National Bureau of Economic Research, Inc.
  4. Jonathan D. Rose, 2012. "The prolonged resolution of troubled real estate lenders during the 1930s," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2012-31, Board of Governors of the Federal Reserve System (U.S.).
  5. Alexander J. Field, 2013. "The Interwar Housing Cycle in the Light of 2001-2011: A Comparative Historical Approach," NBER Working Papers 18796, National Bureau of Economic Research, Inc.
  6. Jonathan D. Rose, 2013. "The Prolonged Resolution of Troubled Real Estate Lenders during the 1930s," NBER Chapters, in: Housing and Mortgage Markets in Historical Perspective, pages 245-284 National Bureau of Economic Research, Inc.
  7. Alexander J. Field, 2013. "The Interwar Housing Cycle in the Light of 2001–2012: A Comparative Historical Perspective," NBER Chapters, in: Housing and Mortgage Markets in Historical Perspective, pages 39-80 National Bureau of Economic Research, Inc.
  8. Ichida, Yukinobu & Hirai, Hiroshi & Kondo, Katsunori & Kawachi, Ichiro & Takeda, Tokunori & Endo, Hideki, 2013. "Does social participation improve self-rated health in the older population? A quasi-experimental intervention study," Social Science & Medicine, Elsevier, Elsevier, vol. 94(C), pages 83-90.

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  1. Historical Economic Geography

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