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Real Estate Prices During the Roaring Twenties and the Great Depression

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  • Tom Nicholas
  • Anna Scherbina

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  • Tom Nicholas & Anna Scherbina, 2013. "Real Estate Prices During the Roaring Twenties and the Great Depression," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 41(2), pages 278-309, June.
    • Handle: RePEc:bla:reesec:v:41:y:2013:i:2:p:278-309
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    File URL: http://hdl.handle.net/10.1111/reec.2013.41.issue-2
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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    2. Richard V. Butler, 1982. "The Specification of Hedonic Indexes for Urban Housing," Land Economics, University of Wisconsin Press, vol. 58(1), pages 96-108.
    3. Edward Ludwig Glaeser, 2005. "Urban colossus: why is New York America's largest city?," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 7-24.
    4. Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February.
    5. Piazzesi, Monika & Schneider, Martin & Tuzel, Selale, 2007. "Housing, consumption and asset pricing," Journal of Financial Economics, Elsevier, vol. 83(3), pages 531-569, March.
    6. Jason Barr, 2010. "Skyscrapers and the Skyline: Manhattan, 1895–2004," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(3), pages 567-597, September.
    7. Karl E. Case, 1992. "The Real Estate Cycle and the Economy: Consequences of the Massachusetts Boom of 1984-87," Urban Studies, Urban Studies Journal Limited, vol. 29(2), pages 171-183, April.
    8. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    9. Field, Alexander James, 1992. "Uncontrolled Land Development and the Duration of the Depression in the United States," The Journal of Economic History, Cambridge University Press, vol. 52(4), pages 785-805, December.
    10. Glaeser, Edward L. & Gyourko, Joseph & Saiz, Albert, 2008. "Housing supply and housing bubbles," Journal of Urban Economics, Elsevier, vol. 64(2), pages 198-217, September.
    11. Atack, Jeremy & Margo, Robert A, 1998. ""Location, Location, Location!" The Price Gradient for Vacant Urban Land: New York, 1835 to 1900," The Journal of Real Estate Finance and Economics, Springer, vol. 16(2), pages 151-172, March.
    12. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    13. Edward L. Glaeser, 2005. "Urban Colossus: Why is New York America's Largest City?," Harvard Institute of Economic Research Working Papers 2073, Harvard - Institute of Economic Research.
    14. Shiller Robert J., 2006. "Long-Term Perspectives on the Current Boom in Home Prices," The Economists' Voice, De Gruyter, vol. 3(4), pages 1-11, March.
    15. repec:bla:jfinan:v:59:y:2004:i:6:p:2959-3004 is not listed on IDEAS
    16. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307, September.
    17. John Y. Campbell & Stefano Giglio & Parag Pathak, 2011. "Forced Sales and House Prices," American Economic Review, American Economic Association, vol. 101(5), pages 2108-2131, August.
    18. John M. Clapp & Carmelo Giaccotto & Dogan Tirtiroglu, 1991. "Housing Price Indices Based on All Transactions Compared to Repeat Subsamples," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 270-285, September.
    19. Richard Meese & Nancy Wallace, 1991. "Nonparametric Estimation of Dynamic Hedonic Price Models and the Construction of Residential Housing Price Indices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 308-332, September.
    20. David L. Wickens, 1941. "Residential Real Estate, Its Economic Position as Shown by Values, Rents, Family Incomes, Financing, and Construction, Together with Estimates for All Real Estate," NBER Books, National Bureau of Economic Research, Inc, number wick41-1, January.
    21. Clarence D. Long, 1939. "Long Cycles in the Building Industry," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 53(3), pages 371-403.
    22. William C. Wheaton & Mark S. Baranski & Cesarina A. Templeton, 2009. "100 Years of Commercial Real Estate Prices in Manhattan," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(1), pages 69-83, March.
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    Cited by:

    1. Kholodilin, Konstantin A. & Limonov, Leonid E. & Waltl, Sofie R., 2021. "Housing rent dynamics and rent regulation in St. Petersburg (1880–1917)," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 81.
    2. Daniel Aaronson & Daniel Hartley & Bhashkar Mazumder, 2021. "The Effects of the 1930s HOLC "Redlining" Maps," American Economic Journal: Economic Policy, American Economic Association, vol. 13(4), pages 355-392, November.
    3. David A. Price & John R. Walter, 2016. "Private Efforts for Affordable Mortgage Lending Before Fannie and Freddie," Economic Quarterly, Federal Reserve Bank of Richmond, issue Q4, pages 321-351.
    4. Kang, Hsin-Hong & Liu, Shu-Bing, 2014. "The impact of the 2008 financial crisis on housing prices in China and Taiwan: A quantile regression analysis," Economic Modelling, Elsevier, vol. 42(C), pages 356-362.
    5. Aaronson, Daniel & Faber, Jacob & Hartley, Daniel & Mazumder, Bhashkar & Sharkey, Patrick, 2021. "The long-run effects of the 1930s HOLC “redlining” maps on place-based measures of economic opportunity and socioeconomic success," Regional Science and Urban Economics, Elsevier, vol. 86(C).
    6. Glaeser, Edward L., 2022. "What can developing cities today learn from the urban past?," Regional Science and Urban Economics, Elsevier, vol. 94(C).
    7. David Chambers & Christophe Spaenjers & Eva Maria Steiner, 2020. "The Rate of Return on Real Estate: Long-Run Micro-Level Evidence," Working Papers hal-02896386, HAL.
    8. Tom Emmerling & Crocker Liu & Yildiray Yildirim, 2017. "The Hybrid Nature of Real Estate Trusts," ERES eres2017_370, European Real Estate Society (ERES).
    9. Jonathan D. Rose, 2022. "Reassessing the magnitude of housing price declines and the use of leverage in the Depressions of the 1890s and 1930s," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(4), pages 907-930, December.
    10. Ronan C. Lyons & Allison Shertzer & Rowena Gray & David N. Agorastos, 2024. "The Price of Housing in the United States, 1890-2006," NBER Working Papers 32593, National Bureau of Economic Research, Inc.
    11. Ali Coşkun Tuncer & Gürer Karagedikli, 2016. "‘The people next door’: housing and neighbourhood in eighteenth-century Ottoman Edirne," Working Papers 16010, Economic History Society.
    12. Edward L. Glaeser, 2017. "Real Estate Bubbles and Urban Development," Asian Development Review, MIT Press, vol. 34(2), pages 114-151, September.
    13. Kokot Sebastian, 2017. "Comparative Analysis Of Hedonic And Filtered Indexes In Selected Cities," Real Estate Management and Valuation, Sciendo, vol. 25(3), pages 40-50, September.
    14. Barr, Jason & Smith, Fred H. & Kulkarni, Sayali J., 2018. "What's Manhattan worth? A land values index from 1950 to 2014," Regional Science and Urban Economics, Elsevier, vol. 70(C), pages 1-19.
    15. Kokot Sebastian G., 2015. "Diversified Price Dynamics in some Sub-Segments of the Housing Market," Folia Oeconomica Stetinensia, Sciendo, vol. 15(1), pages 162-173, June.
    16. Konstantin A. Kholodilin & Sebastian Kohl & Florian Müller, 2023. "Government-Made House Price Bubbles? Austerity, Homeownership, Rental, and Credit Liberalization Policies and the “Irrational Exuberance” on Housing Markets," Discussion Papers of DIW Berlin 2061, DIW Berlin, German Institute for Economic Research.
    17. Kokot Sebastian, 2017. "Residential Property Price Indices on Small Property Markets," Real Estate Management and Valuation, Sciendo, vol. 25(1), pages 5-18, March.
    18. Siodla, James, 2020. "Debt and taxes: Fiscal strain and US city budgets during the Great Depression," Explorations in Economic History, Elsevier, vol. 76(C).
    19. Quincy, Sarah, 2022. "Income shocks and housing spillovers: Evidence from the World War I Veterans’ Bonus," Journal of Urban Economics, Elsevier, vol. 132(C).

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