The 1920s American Real Estate Boom and the Downturn of the Great Depression: Evidence from City Cross Sections
AbstractIn the 1929-1933 downturn of the Great Depression, house values and homeownership rates fell more, and mortgage foreclosure rates were higher, in cities that had experienced relatively high rates of house construction in the residential real-estate boom of the mid-1920s. Across the 1920s, boom cities had seen the biggest increases in house values and homeownership rates. These patterns suggest that the mid-1920s boom contributed to the depth of the Great Depression through wealth and financial effects of falling house values. Also, they are very similar to cross-sectional patterns across metro areas around 2006.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18852.
Date of creation: Feb 2013
Date of revision:
Publication status: published as Michael Brocker, Christopher Hanes. "The 1920s American Real Estate Boom and the Downturn of the Great Depression: Evidence from City Cross Sections," in Eugene N. White, Kenneth Snowden, and Price Fishback, editors, "Housing and Mortgage Markets in Historical Perspective" University of Chicago Press (2013)
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Find related papers by JEL classification:
- N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
- N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-16 (All new papers)
- NEP-HIS-2013-03-16 (Business, Economic & Financial History)
- NEP-URE-2013-03-16 (Urban & Real Estate Economics)
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