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Housing and the Financial Crisis

Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash.
Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.

448 pages | 125 line drawings, 68 tables | 6 x 9 | © 2013

National Bureau of Economic Research Conference Report

Economics and Business: Economics--Government Finance, Economics--Money and Banking

Table of Contents


Postmortem for a Housing Crash
Edward L. Glaeser and Todd Sinai

1. House Price Moments in Boom-Bust Cycles
Todd Sinai

2. The Supply Side of the Housing Boom and Bust of the 2000s
Andrew Haughwout, Richard W. Peach, John Sporn, and Joseph Tracy

3. A Spatial Look at Housing Boom and Bust Cycles
David Genesove and Lu Han

4. Mortgage Financing in the Housing Boom and Bust
Benjamin J. Keys, Tomasz Piskorski, Amit Seru, and Vikrant Vig

5. A New Look at Second Liens
Donghoon Lee, Christopher Mayer, and Joseph Tracy

6. International Capital Flows and House Prices: Theory and Evidence
Jack Favilukis, David Kohn, Sydney C. Ludvigson, and Stijn Van Nieuwerburgh

7. Can Cheap Credit Explain the Housing Boom?
Edward L. Glaeser, Joshua D. Gottlieb, and Joseph Gyourko

8. The Future of the Government-Sponsored Enterprises: The Role for Government in the US Mortgage Market
Dwight Jaffee and John M. Quigley

Author Index
Subject Index

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