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Well Worth SavingHow the New Deal Safeguarded Home Ownership$
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Price V. Fishback, Jonathan Rose, and Kenneth Snowden

Print publication date: 2013

Print ISBN-13: 9780226082448

Published to Chicago Scholarship Online: May 2014

DOI: 10.7208/chicago/9780226082585.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 28 July 2021

Repairing Mortgage and Housing Markets

Repairing Mortgage and Housing Markets

Chapter:
(p.103) Chapter 9 Repairing Mortgage and Housing Markets
Source:
Well Worth Saving
Author(s):

Price Fishback

Jonathan Rose

Kenneth Snowden

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226082585.003.0009

The HOLC provided significant relief to individual borrowers and lenders, and also pursued a more general public mission. HOLC officials were determined to stabilize mortgage and housing markets by interrupting the cycle of foreclosures and price declines that caused a downward spiral in the early 1930s. This chapter describes the findings of an econometric analysis of HOLC activity in local housing markets. The evidence shows that on average the HOLC prevented declines in house prices and home ownership outside the nation’s largest cities between 1930 and 1940, but did not affect construction in those markets. The authors identify these effects by using the location of HOLC offices as a source of randomness affecting the allocation of refinance activity. The effect of the HOLC on markets in larger cities is still an open question.

Keywords:   Econometrics, House prices, Home ownership, Markets, Effect of HOLC, Construction

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