Anatomy of the Beginning of the Housing Boom across US Metropolitan Areas

• 成果类型: Article
• 署名作者: Ferreira, Fernando; Gyourko, Joseph
• 署名单位: University of Pennsylvania; National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01133
• 发表日期: 2023-11
• 页码: 1442-1447
• 关键词: structural-change; p values; DYNAMICS; tests

摘要

We provide novel estimates of the location, timing, magnitude, and determinants of the start of the previous U.S. housing boom. The housing cycle cannot be interpreted as a single, national event, as different markets began to boom across a decade-long period, some of them multiple times. A fundamental factor, income of prospective buyers, can account for half of the initial jump in price growth, while expansion of purchases by underrepresented minorities cannot. The start of the boom also was financed conventionally, not by subprime mortgages. The latter's share did rise sharply over time, but only after a multiyear lag.