Housing markets and the financial crisis of 2007–2009: Lessons for the future |
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| Authors: | John V. Duca John Muellbauer Anthony Murphy |
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| Affiliation: | a Research Department, Federal Reserve Bank of Dallas, P.O. Box 655906, Dallas, TX 75265, United States;b Southern Methodist University, Dallas, TX, United States;c Nuffield College, Oxford University, Oxford OX1 1NF, UK;d Hertford College, Oxford University, Oxford OX1 3BW, UK |
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| Abstract: | An unsustainable weakening of credit standards induced a US mortgage lending and housing bubble, whose consumption impact was amplified by innovations altering the collateral role of housing. In countries with more stable credit standards, any overshooting of construction and house prices owed more to traditional housing supply and demand factors. Housing collateral effects on consumption also varied, depending on the liquidity of housing wealth. Lessons for the future include recognizing the importance of financial innovation, regulation, housing policies, and global financial imbalances for fueling credit, construction, house price and consumption cycles that vary across countries. |
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| Keywords: | Financial crisis House prices Credit crunch Subprime mortgages |
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