Before the housing boom and bust, changes in local house values appeared to be a local phenomenon. Now, however, the District’s house-price changes are mirroring national patterns. Therefore, downward trends in other parts of the country may continue to negatively affect prices in the District.

District Overview

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.

Although the volatility of house prices is often ascribed to demand-side factors, constraints on housing supply have important and little-studied implications for housing dynamics. I illustrate the strong relationship in city-level data between the volatility of house prices and the regulation...

In this empirical analysis, we estimate the impact of vacancy, neglect associated with property-tax delinquency, and foreclosures on the value of neighboring homes using parcel-level observations. Numerous studies have estimated the impact of foreclosures on neighboring properties, and these...

In some newly transit-rich neighborhoods (TRNs), a new station can set in motion a cycle of unintended consequences in which core transit users—such as renters and low-income households—are priced out of the neighborhood in favor of higher-income, car-owning residents who are less likely to...

Remarks at Fordham University's Gabelli School of Business, Bronx, New York.

Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.

Presentation to the Monetary Policy Forum, New York, New York, February 24, 2012

Remarks at the Center for Economic Development, Syracuse, New York.