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Journal Article
Boom & gloom in housing markets: the sequel
Garriga, Carlos (2008-05)
National Economic Trends , Issue May

Journal Article
Permits, contracts, closings: real estate in the Eighth District
Zaretsky, Adam M. (1997-07)
Construction may have slowed somewhat in the area's real estate market, but it's still worth writing home about.
The Regional Economist , Issue Jul , Pages 12-13

Speech
An Economy That Works for All: Housing Affordability
Williams, John C. (2025-01-14)
Remarks at An Economy That Works for All: Housing Affordability, Federal Reserve Bank of New York, New York City.
Speech

Working Paper
Housing and debt over the life cycle and over the business cycle
Pavan, Marina; Iacoviello, Matteo (2009)
This paper describes an equilibrium life-cycle model of housing where nonconvex adjustment costs lead households to adjust their housing choice infrequently and by large amounts when they do so. In the cross-sectional dimension, the model matches the wealth distribution; the age profiles of consumption, homeownership, and mortgage debt; and data on the frequency of housing adjustment. In the time-series dimension, the model accounts for the procyclicality and volatility of housing investment, and for the procyclical behavior of household debt.
Working Papers , Paper 09-12

Journal Article
Recent Findings on Residential Instability in Oakland
Hwang, Jackelyn; Kumar, Vasudha; Kneebone, Elizabeth (2023-02-10)
Safe, stable, and affordable housing is central to ensuring healthy, sustainable, and inclusive communities. Amid COVID-19-related economic shocks and a worsening housing crisis, residents in cities across California are struggling to keep up with the rising costs of housing. This report draws from a unique, longitudinal dataset of over 14,000 residents to examine residential instability–in the form of moving and household crowding–in the City of Oakland, California. It presents trends from the last 20 years, with an additional focus on patterns emerging during the COVID-19 pandemic.The ...
Community Development Research Brief , Volume 2023 , Issue 02 , Pages 33

Newsletter
Housing Markets in a Time of Crisis: A Historical Perspective
Fishback, Price; Snowden, Kenneth A.; Rose, Jonathan D. (2020)
As the coronavirus (Covid-19) public health crisis unfolds, a second crisis in the economy is developing as well. One economic concern, among many, is the debt burden of households. Early reports point to a surge in unemployment claims during March 2020, raising the prospect that widespread unemployment is likely to impair the ability of households to make payments on their home mortgages and other loans in the months ahead. This represents a potential crisis in mortgage markets, as borrowers who are temporarily unemployed—but for an unknown period—may face default on their mortgages.
Chicago Fed Letter , Issue 433

Journal Article
Growth in house prices moderated in 2003
Grunewald, Rob (2004-03)
Fedgazette , Volume 16 , Issue Mar , Pages 23

Discussion Paper
Do People View Housing as a Good Investment and Why?
Haughwout, Andrew F.; Liu, Haoyang; Parker, Dean; Zhang, Xiaohan (2021-04-05)
Housing represents the largest asset owned by most households and is a major means of wealth accumulation, particularly for the middle class. Yet there is limited understanding of how households view housing as an investment relative to financial assets, in part because of their differences beyond the usual risk and return trade-off. Housing offers households an accessible source of leverage and a commitment device for saving through an amortization schedule. For an owner-occupied residence, it also provides stability and hedges for rising housing costs. On the other hand, housing is much ...
Liberty Street Economics , Paper 20210405b

Journal Article
Survey of Low-Income Housing Tax Credit Properties
Community Development, Federal Reserve Bank of Dallas (2001)
In 1987, states began offering federally authorized tax credits to investors to encourage the development of low-income rental housing—with the stipulation that the rents remain "affordable" for at least 15 years. Now—as that 15-year mark looms—a Dallas Fed survey of Low-Income Housing Tax Credit (LIHTC) properties located in Texas has found that 76 percent of the property owners plan to keep their housing affordable for low-income families, but many are in need of repair.
e-Perspectives , Volume 1 , Issue 3

Journal Article
Taxes, homeownership, and the allocation of residential real estate risks
Chatterjee, Satyajit (1996-09)
Home equity is the predominant form of savings for most Americans because it helps them save on taxes. However, homeownership also determines how the risks of fluctuations in the value of residential real estate are borne. In this article, Satyajit Chatterjee looks at how the tax benefit of homeownership has moved households toward undiversified investments in risky residential real estate by making it costly for them to rent their homes. He also points out the often overlooked risk-allocation consequences of proposed changes in the U.S. tax code.
Business Review , Issue Sep , Pages 3-10

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