The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability? This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets worked—and how they sometimes failed. Renowned economic historians Eugene N. White, Kenneth Snowden, and Price Fishback survey the foundational research on housing crises, comparing that of the 1930s to that of the early 2000s in order to authoritatively identify what contributed to each crisis. Later chapters explore notable historical experiences with mortgage securitization and the role that federal policy played in the surge in home ownership between 1940 and 1960. By providing a broad historical overview of housing and mortgage markets, the volume offers valuable new insights to inform future policy debates.

How a black elite fighting racial discrimination reinforced class inequality in postwar America

The Description for this book, The Postwar Residential Mortgage Market, will be forthcoming.

During the quarter century between 1945 and 1970, Americans crafted a new manner of living that shaped and reshaped how residential builders designed and marketed millions of detached single-family suburban houses. The modest two- and three-bedroom houses built immediately following the war gave way to larger and more sophisticated houses shaped by casual living, which stressed a family's easy sociability and material comfort and were a major element in the cohesion of a greatly expanded middle class. These dwellings became the basic building blocks of explosive suburban growth during the postwar period, luring families to the metropolitan periphery from both crowded urban centers and the rural hinterlands. Detached America is the first book with a national scope to explore the design and marketing of postwar houses. James A. Jacobs shows how these houses physically document national trends in domestic space and record a remarkably uniform spatial evolution that can be traced throughout the country. Favorable government policies, along with such widely available print media as trade journals, home design magazines, and newspapers, permitted builders to establish a strong national presence and to make a more standardized product available to prospective buyers everywhere. This vast and long-lived collaboration between government and business—fueled by millions of homeowners—established the financial mechanisms, consumer framework, domestic ideologies, and architectural precedents that permanently altered the geographic and demographic landscape of the nation.