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Tuesday, November 15, 2011
3:00 PM - 4:30 PM

Inter-regional home price dynamics through the foreclosure crisis

City and suburban housing markets are impacted by regional conditions such as employment, geography, and amenities. Over half a century of sprawl may induce a negative relation between suburban and central city home prices, with central city values falling relative to suburban home values. What happens to the relationship between sub-housing markets when cities are shocked by the foreclosure crisis?

This paper explores home price dynamics before and after the foreclosure crisis in the Cleveland area, a market that in the aggregate had little home price appreciation prior to the crisis, but significant follow-up depreciation. The analysis finds evidence that connectedness increases among sub-markets even as they experience varying levels of foreclosure rates, and that foreclosure effects give little sign of receding in the near future.

This program is presented by Francisca G.-C. Richter, Research Economist in the Community Development Office of the Federal Reserve Bank of Cleveland. Brian Mikelbank, Associate Professor, Levin College, will moderate.

This program is free and open to the public. If you have any questions please call 216-523-7330.

City and suburban housing markets are impacted by regional conditions such as employment, geography, and amenities. Over half a century of sprawl may induce a negative relation between suburban and central city home prices, with central city values falling relative to suburban home values. What happens to the relationship between sub-housing markets when cities are shocked by the foreclosure crisis? This paper explores home price dynamics before and after the foreclosure crisis in the Cleveland area, a market that in the aggregate had little home price appreciation prior to the crisis, but significant follow-up depreciation. The analysis finds evidence that connectedness increases among sub-markets even as they experience varying levels of foreclosure rates, and that foreclosure effects give little sign of receding in the near future. This program is presented by Francisca G.-C. Richter, Research Economist in the Community Development Office of the Federal Reserve Bank of Cleveland. Brian Mikelbank, Associate Professor, Levin College, will moderate. This program is free and open to the public. If you have any questions please call 216-523-7330.

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