Bypassing the Bust: The Stability of Upstate New York’s Housing Markets During the Recession

9 Pages Posted: 1 Apr 2010

See all articles by Jaison R. Abel

Jaison R. Abel

Federal Reserve Bank of New York

Richard Deitz

Federal Reserve Bank of New York - Research Group

Date Written: March 1, 2010

Abstract

Over the past decade, the United States has seen real estate activity swing from boom to bust. But upstate New York has been largely insulated from this volatility, with metropolitan areas such as Buffalo, Rochester, and Syracuse even registering home price increases during the recession. An analysis of upstate housing markets over the most recent residential real estate cycle indicates that the region's relatively low incidence of nonprime mortgages and the better-than-average performance of these loans contributed to this stability.

Keywords: Housing, Upstate New York

JEL Classification: G21, R10, R21, G01

Suggested Citation

Abel, Jaison R. and Deitz, Richard, Bypassing the Bust: The Stability of Upstate New York’s Housing Markets During the Recession (March 1, 2010). Available at SSRN: https://ssrn.com/abstract=1581494 or http://dx.doi.org/10.2139/ssrn.1581494

Jaison R. Abel (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

Richard Deitz

Federal Reserve Bank of New York - Research Group ( email )

33 Liberty Street
New York, NY 10045
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
53
Abstract Views
987
rank
472,844
PlumX Metrics