A Price Index for Residential Real Estate from 1866-1953 in Baltimore

16 Pages Posted: 15 Nov 2019

See all articles by Jonathan Rose

Jonathan Rose

Federal Reserve Bank of Chicago

Date Written: October 7, 2019

Abstract

This paper introduces the first repeat sales index of US residential real estate prices in the late 19th and early 20th centuries. The index reveals greater price declines during the 1890s and 1930s than scholars have previously described, and higher leverage as well. During the Great Depression in particular, while previous data suggest most borrowers should have been able to retain positive equity, I estimate that about 28 percent of residential mortgage borrowers had negative equity by 1932, and more than one in four such borrowers experienced foreclosure.

Keywords: real estate prices, economic history, great depression

JEL Classification: N11, N12, N21, N22, N91, N92, G12, R3

Suggested Citation

Rose, Jonathan, A Price Index for Residential Real Estate from 1866-1953 in Baltimore (October 7, 2019). Available at SSRN: https://ssrn.com/abstract=3224743 or http://dx.doi.org/10.2139/ssrn.3224743

Jonathan Rose (Contact Author)

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604
United States

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