TY  - JOUR
AU  - Brocker, Michael
AU  - Hanes, Christopher
TI  - The 1920s American Real Estate Boom and the Downturn of the Great Depression: Evidence from City Cross Sections
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 18852
PY  - 2013
Y2  - February 2013
DO  - 10.3386/w18852
UR  - http://www.nber.org/papers/w18852
L1  - http://www.nber.org/papers/w18852.pdf
N1  - Author contact info:
Michael Brocker
E-Mail: Michael.Brocker@jetblue.com

Christopher Hanes
Dept. of Economics
SUNY Binghamton
P.O. Box 6000
Binghamton, NY 13902-6000
E-Mail: chanes@binghamton.edu
M1  - 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 (2014)

M3  - presented at "Universities Research Conference", September 23-24, 2011
AB  - In 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.
ER  -