Three Chronologies and the Genesis of the 2007–2010 Crisis

Roderick Macdonald
Additional contact information
Roderick Macdonald: Université du Québec à Montréal

Chapter 3 in Genesis of the Financial Crisis, 2012, pp 69-94 from Palgrave Macmillan

Abstract: Abstract The real price of housing decreased 15 per cent in the United States over the years following the end of the Second World War to the end of the sixties (see Baker, 2007). Increased access to housing was part of the tremendous spurt of prosperity experienced in the United States at that time, a spurt that made the idealism and ‘rejection of materialist values’ of the countercultural movement possible. Part of this prosperity was homeownership, because independence of any landlord was seen as freedom from subservience. Financially, this meant the virtual elimination of the cost of shelter once a home was paid for — homeownership is almost always preferable to renting from the financial viewpoint, although there have been occasions isolated in time and location in which renting is cheaper than ownership.

Keywords: Financial Crisis; House Price; Hedge Fund; Affordable Housing; Ownership Rate (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
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:pal:palchp:978-1-137-02689-7_3

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137026897

DOI: 10.1057/9781137026897_3

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().