NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Trevor Kollmann

Kingsbury Drive
La Trobe University
Bundoora, VIC 3086
Australia

E-Mail: t.kollmann@latrobe.edu.au

NBER Working Papers and Publications

July 2014New Multicity Estimates of the Changes in Home Values, 1920-1940
with Price Fishback
in Housing and Mortgage Markets in Historical Perspective, Eugene N. White, Kenneth Snowden, and Price Fishback, editors
Robert Shiller created the most commonly cited time series for nonfarm home values and prices between 1920 and 1940 by splicing a series developed by Grebler, Blank, and Winnick (1956) for 1890 to 1934 with a new series based on 30 asking prices per year in five major cities to extend the series from 1934 to 1953. We develop and examine several alternative measures of housing prices over the period 1920 to 1940. All series show that nominal housing prices fell by 20-30 percent from a peak in the late 1920s to a trough around 1933 and 1934. However, there is substantial disagreement about the values circa 1920 and 1940. For 1920 the Shiller Hybrid suggests that housing values were 5-7 percent higher than in 1930. In contrast, all alternative series show that housing values in 1920 wer...
August 2012New Multi-City Estimates of the Changes in Home Values, 1920-1940
with Price V. Fishback: w18272
The boom and bust in housing during the 2000s has led to renewed interest in the boom and bust in housing between 1920 and 1940. The most commonly used housing value series for this period is reported by Robert Shiller in Irrational Exuberance. We investigate the changes in housing values in cities between 1920 and 1940 using a variety of alternative sources with many more cities available for comparison than in the Shiller series. We find that all nominal housing value series show a strong decline between the late 1920s and the early 1930s. However, all of the series except the Shiller series imply that housing values in 1920 were well below the 1930 value and thus imply much stronger growth rates in housing values during the 1920s housing boom. Only the Shiller series predicts a s...

Published: New Multicity Estimates of the Changes in Home Values, 1920-1940, Price Fishback, Trevor Kollmann. in Housing and Mortgage Markets in Historical Perspective, White, Snowden, and Fishback. 2014

July 2012New Deal Public Housing Projects and Their Impact on Local Communities
in The Microeconomics of New Deal Policy, Price Fishback, organizer
May 2011Information and the Impact of Climate and Weather on Mortality Rates During the Great Depression
with Price V. Fishback, Werner Troesken, Michael Haines, Paul W. Rhode, Melissa Thomasson
in The Economics of Climate Change: Adaptations Past and Present, Gary D. Libecap and Richard H. Steckel, editors
 
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