Morris A. Davis

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Our data show that land prices were more volatile than house prices during the recent boom/bust cycle. In areas where land was inexpensive in 2000, the land share of property value jumped during the boom, and this rise in the land
share was a useful predictor of the subsequent crash in house prices. These results highlight the value of focusing on land for assessing house-price risk.

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For decades U.S. housing policy has focused on promoting homeownership. In this study, I show that the set of policies designed to further homeownership has been ineffective and expensive and that homeownership as a public policy goal is not well supported.

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Until recently, a foreclosure on an owner-occupied home in the United States was a relatively rare event. Since mid-year 2006, foreclosure proceedings have more than tripled and now occur at the rate of at least 1 percent per quarter.

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