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Journal Article
The behavior of home buyers in boom and post-boom markets
Journal Article
Home price appreciation in low- and moderate-income markets
Do homes in low- and moderate- income areas of a city appreciate like homes in high income areas? Do owners of those lower-priced homes accumulate as much equity as owners of higher-priced homes? Karl Case and Maryna Marynchenko share their results, some of which are quite surprising.
Conference Paper
How the commercial real estate boom undid the banks
Journal Article
Chasing good schools in Massachusetts
Journal Article
A decade of boom and bust in the prices of single-family homes: Boston and Los Angeles, 1983 to 1993
The 1980s and 1990s have been turbulent times in the U.S. market for single-family homes. For most of the previous two decades, housing prices across states and metropolitan areas moved together and increased slowly in real terms while regional differences generally remained small. The 1980s and 1990s, in contrast, have seen increased price volatility and sharp differences in price behavior across regions with substantial housing price booms in some regions and major price declines in others. ; These boom-bust cycles had serious consequences for regional economies and national mortgage ...
Journal Article
The real estate cycle and the economy: consequences of the Massachusetts boom of 1984-87
The economy of Massachusetts is in a deep recession. What makes the downturn all the more painful is that it comes on the heels of a period of unprecedented prosperity. What happened? How could a state go from having the lowest unemployment rate in the United States to having the second highest in the space of less than four years? ; Some claim that the current recession is a natural and inevitable downturn after a prolonged expansion and that the region soon will return to a reasonable growth path. Others claim that the state is likely to experience a prolonged period of decline. The thesis ...
Working Paper
Housing price dynamics within a metropolitan area
This paper analyzes the pattern of house price appreciation in the Boston area from 1982 to 1994. The empirical results are consistent with the predictions of a standard urban model in which towns have a fixed set of amenities. The evidence suggests that changes in the cross-sectional pattern of house prices are related to differences in manufacturing employment, demographics, new construction, proximity to the downtown, and to aggregate school enrollments. These findings support the view that town amenities are not easily replicated or quickly adaptable to shifts in demand, even within a ...
Journal Article
School quality and Massachusetts enrollment shifts in the context of tax limitations
Like most states, Massachusetts underwent a large shift in public school enrollment between the 1980s and 1990s, requiring a number of sizable fiscal and educational adjustments by individual school districts. Between 1980 and 1989, the number of students in kindergarten through grade 12 fell 21 percent, from 1.04 million to 825,000. As children of baby boomers reached school age, the picture changed and enrollments grew more than 90,000 over the next seven years. These aggregate trends gloss over even more marked shifts at the local level. This ...
Journal Article
Retrospective of the 1980s