Supply Side of the Housing Boom and Bust of the 2000s

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By Andrew Haughwort (au)
Year: 2012
Pages: 37
Binding Paperback
ISBN 978-1-4578-3063-1

Product Code: 1457830639

Description

The boom and subsequent bust in housing construction and prices over the 2000s is widely regarded as a principal contributor to the Financial Panic of 2007 and the subsequent Great Recession. Housing market activity remains at depressed levels as the economy slowly resolves the legacy of excess supply and sharply lower prices. Over 2.6 million foreclosures have been completed since 2008 and 1.9 million foreclosures are in process. Much has been written about the demand side of this pronounced housing cycle. This paper looks at developments on the supply side of the housing market. Following a short literature review, the authors begin with a descriptive review of housing production, sales, and prices at the national, regional, and state levels. They then look at developments in the homebuilding industry over this period. They also take a closer look at land markets using a quarterly price index for metropolitan statistical areas with both elastic and inelastic housing supplies across the U.S. Important questions are to what extent the supply side of the market contributed to the boom/bust dynamics, and whether the significant changes in the industrial organization of the homebuilding industry exacerbated or ameliorated this supply impact. Tables and figures. This is a print on demand report.

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