This paper was presented at the conference "Policies to Promote Affordable Housing," cosponsored by the Federal Reserve Bank of New York and New York University's Furman Center for Real Estate and Urban Policy, February 7, 2002. It was part of Session 4: Housing Subsidies and Finance, and is a commentary on "Comparing the costs of federal housing assistance programs" by Denise DiPasquale, Dennis Fricke and Daniel Garcia-Diaz.
Cloud over commercial real estate is slowly lifting in Texas
Every segment of the Texas commercial property sector suffered during the recession of 2009. Demand withered for space in offices, warehouses and retail centers, pushing up vacancy rates and lowering rental rates. Private nonresidential construction dropped sharply, reaching near-record lows. The global financial crisis temporarily brought lending to a halt. Commercial-mortgage-backed securities (CMBS) lending dried up in Texas and the U.S. as it became clear that repackaging suspect loans didn't lower risk. Banks also became wary of adding CRE loans to their books, especially in Texas, where ...
Housing and the economic recovery
Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.
Stock-market-based measures of sectoral shocks and the unemployment rate
Downturns in the construction and finance sectors played a significant role in the recent recession. A stock-market-based measure that captures sectoral shocks shows that these disturbances are important for explaining long-duration unemployment. This is consistent with the intuition that sectoral shocks cause workers to engage in time-consuming moves across industries in their searches for work. It also suggests that it will take a while before the more than 1.8 million unemployed construction workers and close to a half million unemployed finance and insurance workers find jobs.
Builders see green
Ninth District joins a growing trend in green construction
Hot housing market catching cold in Texas
The Texas housing market enjoyed a remarkable upswing in the middle of this decade. ; Home sales and building accelerated in 2004 as the state's economic engine revved up, generating strong population and employment growth. Historically low interest rates attracted new homebuyers, while the rise in nontraditional mortgages fueled the market's strength as more Texans were able to obtain financing even if they had flawed credit or lacked down payments. The state's homeownership rate reached a record 66 percent in 2006, up from 61.8 percent 10 years earlier.
Regional economy and housing update
Remarks at the Quarterly Regional Economic Press Briefing, New York City.
The supply side of the housing boom and bust of the 2000s
The boom and subsequent bust in housing construction and prices over the 2000s is widely regarded as a principal contributor to the Financial Panic of 2007 and the subsequent Great Recession. As of this writing, housing market activity remains at depressed levels as the economy slowly resolves the legacy of excess supply and sharply lower prices. Over 2.6 million foreclosures have been completed since 2008 and 1.9 million foreclosures are in process. Much has been written about the demand side of this pronounced housing cycle, in particular, the innovations in mortgage finance and the ...