Impact of Hurricanes on Housing Prices: Evidence from U.S. Coastal Cities

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By Anthony Murphy (au); Eric Strobl (au)
Year: 2010
Pages: 32
Binding Paperback
ISBN 978-1-4578-2742-6

Product Code: 1457827425

Description

Investigates the effect of hurricane strikes on housing prices in U.S. coastal cities. Constructs a new index of hurricane destruction which varies over time and space. Using this index and an annual, two equation, dynamic equilibrium correction panel model with area and time fixed effects, the authors model the effects of hurricanes on real house process and real incomes. In their model, hurricanes have a direct effect on house prices and an indirect effect via a fall in local incomes. The typical hurricane strike raises real house prices for a number of years, with a maximum effect of between 3% to 4 % three years after occurrence. There is also a small negative effect on real incomes. Charts and tables. This is a print on demand report.

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