Jonathan Rose, Federal Reserve Bank of Chicago
This paper introduces the first repeat sales index of historical US residential real estate prices before 1950, and gathers new data on the use of credit by homeowners. The results suggest that homeowners experienced greater price declines during the Great Depression than scholars have previously described. In addition, a rise in the extensive margin of credit use accompanied the growth in homeownership during the late 19th and early 20th centuries, while the intensive margin of leverage remained relatively constant throughout the century under study.
Presented in Session 164. Linking: Following people and household through time