NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Foreclosure-House Price Nexus: Lessons from the 2007-2008 Housing Turmoil

Charles W. Calomiris, Stanley D. Longhofer, William Miles

NBER Working Paper No. 14294
Issued in September 2008

---- Acknowledgements -----

The authors thank Inessa Love for sharing her panel VAR programs using Helmert de-meaning, and Mark Zandi for sharing Economy.com data and forecasts. The authors are also grateful to Jay Brinkmann, Michael Carliner, Robert Martin, Chris Mayer, Joseph Nichols, and Mark Zandi for helpful comments and suggestions. An earlier version of this paper circulated under the title "The Foreclosure Crisis: How Far Will House Prices Fall?" Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School and Research Associate, National Bureau of Economic Research. Longhofer is Stephen L. Clark Chair of Real Estate and Finance, and Director, Center for Real Estate, Barton School of Business, Wichita State University. Miles is Associate Professor of Economics and Barton Fellow, Wichita State University. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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