The 1920s American Real Estate Boom and the Downturn of the Great Depression: Evidence from City Cross Sections

Michael Brocker and Christopher Hanes

No 18852, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: N1 N22 R31 (search for similar items in EconPapers)
Date: 2013-02
New Economics Papers: this item is included in nep-his and nep-ure
Note: DAE
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published as The 1920s American Real Estate Boom and the Downturn of the Great Depression: Evidence from City Cross-Sections , Michael Brocker, Christopher Hanes. in Housing and Mortgage Markets in Historical Perspective , White, Snowden, and Fishback. 2014

Downloads: (external link)
http://www.nber.org/papers/w18852.pdf (application/pdf)

Related works:
Chapter: The 1920s American Real Estate Boom and the Downturn of the Great Depression: Evidence from City Cross-Sections (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:18852

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w18852

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().