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Bypassing the bust: the stability of upstate New York's housing markets during the recession

Jaison Abel () and Richard Deitz ()

Current Issues in Economics and Finance, 2010, issue mar

Abstract: Over the past decade, the United States has seen real estate activity swing from boom to bust. But upstate New York has been largely insulated from this volatility, with metropolitan areas such as Buffalo, Rochester, and Syracuse even registering home price increases during the recession. An analysis of upstate housing markets over the most recent residential real estate cycle indicates that the region's relatively low incidence of nonprime mortgages and the better-than-average performance of these loans contributed to this stability.

Keywords: Mortgage loans; Real estate investment; Housing - Finance; Subprime mortgage; Recessions (search for similar items in EconPapers)
Date: 2010
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