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Housing and Mortgage Markets in Historical Perspective

Editor

Listed:
  • White, Eugene N.
  • Snowden, Kenneth
  • Fishback, Price V.

Abstract

The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability? This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets worked—and how they sometimes failed. Renowned economic historians Eugene N. White, Kenneth Snowden, and Price Fishback survey the foundational research on housing crises, comparing that of the 1930s to that of the early 2000s in order to authoritatively identify what contributed to each crisis. Later chapters explore notable historical experiences with mortgage securitization and the role that federal policy played in the surge in home ownership between 1940 and 1960. By providing a broad historical overview of housing and mortgage markets, the volume offers valuable new insights to inform future policy debates.

Suggested Citation

  • White, Eugene N. & Snowden, Kenneth & Fishback, Price V. (ed.), 2014. "Housing and Mortgage Markets in Historical Perspective," National Bureau of Economic Research Books, University of Chicago Press, number 9780226073842, December.
  • Handle: RePEc:ucp:bknber:9780226073842
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    Citations

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    Cited by:

    1. Daniel Aaronson & Daniel Hartley & Bhashkar Mazumder, 2021. "The Effects of the 1930s HOLC "Redlining" Maps," American Economic Journal: Economic Policy, American Economic Association, vol. 13(4), pages 355-392, November.
    2. Price Fishback, 2017. "How Successful Was the New Deal? The Microeconomic Impact of New Deal Spending and Lending Policies in the 1930s," Journal of Economic Literature, American Economic Association, vol. 55(4), pages 1435-1485, December.
    3. Charles W. Calomiris & Matthew Jaremski, 2016. "Deposit Insurance: Theories and Facts," Annual Review of Financial Economics, Annual Reviews, vol. 8(1), pages 97-120, October.
    4. Fleitas, Sebastian & Fishback, Price & Snowden, Kenneth, 2018. "Economic crisis and the demise of a popular contractual form: Building & Loans in the 1930s," Journal of Financial Intermediation, Elsevier, vol. 36(C), pages 28-44.
    5. Richard Whittle & Thomas Davies & Matthew Gobey & John Simister, 2014. "Behavioural Economics and House Prices: A Literature Review," Business and Management Horizons, Macrothink Institute, vol. 2(2), pages 15-28, December.
    6. Ahnert, Toni & Anand, Kartik & Gai, Prasanna & Chapman, James, 2015. "Safe, or not safe? Covered bonds and Bank Fragility," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112875, Verein für Socialpolitik / German Economic Association.
    7. Sami Alpanda & Sarah Zubairy, 2016. "Housing and Tax Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(2-3), pages 485-512, March.
    8. Francisco Amaral & Martin Dohmen & Sebastian Kohl & Moritz Schularick, 2021. "Superstar Returns," SciencePo Working papers Main hal-03881493, HAL.
    9. Jordà, Òscar & Schularick, Moritz & Taylor, Alan M., 2015. "Leveraged bubbles," Journal of Monetary Economics, Elsevier, vol. 76(S), pages 1-20.
    10. repec:hal:spmain:info:hdl:2441/eul7jlnf19iq8tdp0vlfv63n5 is not listed on IDEAS
    11. Gene Amromin & Jane Dokko & Karen E. Dynan, 2020. "Helping Homeowners During the Covid-19 Pandemic: Lessons from the Great Recession," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue 443, pages 1-9, June.
    12. Juan Carmona & Markus Lampe & Joan Rosés, 2017. "Housing affordability during the urban transition in Spain," Economic History Review, Economic History Society, vol. 70(2), pages 632-658, May.
    13. Fishback, Price & Fleitas, Sebastian & Rose, Jonathan & Snowden, Ken, 2020. "Collateral Damage: The Impact of Foreclosures on New Home Mortgage Lending in the 1930s," The Journal of Economic History, Cambridge University Press, vol. 80(3), pages 853-885, September.
    14. Alexis Antoniades & Charles W. Calomiris, 2018. "Mortgage Market Credit Conditions and U.S. Presidential Elections," NBER Working Papers 24459, National Bureau of Economic Research, Inc.
    15. Francesco Saraceno, 2017. "Rethinking fiscal policy : lessons from the european monetary union," Working Papers hal-03457591, HAL.
    16. Sebastián Fleitas & Price Fishback & Kenneth Snowden, 2015. "Forbearance by Contract: How Building and Loans Mitigated the Mortgage Crisis of the 1930s," NBER Working Papers 21786, National Bureau of Economic Research, Inc.
    17. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
    18. Jonathan D. Rose, 2018. "Contract Choice in the Interwar US Residential Mortgage Market," Working Paper Series WP-2018-13, Federal Reserve Bank of Chicago.
    19. Francesco Saraceno, 2017. "Rethinking fiscal policy : lessons from the european monetary union," Sciences Po publications 219, Sciences Po.
    20. Heather Boushey, 2020. "Unbound: Releasing Inequality’s Grip on Our Economy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(4), pages 597-609, December.
    21. Rose, Jonathan, 2021. "Short-term residential mortgage contracts in American economic history," Explorations in Economic History, Elsevier, vol. 79(C).
    22. Gurbachan Singh, 2016. "Land Price, Bubbles and Permit Raj," Review of Market Integration, India Development Foundation, vol. 8(1-2), pages 1-33, April.
    23. Ricks, Judith S., 2021. "Mortgage subsidies, homeownership, and marriage: Effects of the VA loan program," Regional Science and Urban Economics, Elsevier, vol. 87(C).
    24. Andra Ghent & Rossen Valkanov, 2016. "Comparing Securitized and Balance Sheet Loans: Size Matters," Management Science, INFORMS, vol. 62(10), pages 2784-2803, October.

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