Abstract
Homeowners, business leaders, and government officials are keenly interested in knowing how long the current decline in house prices will last. The length and depth of house price declines and the strength of subsequent recoveries play important roles in business cycles. Although the Federal Housing Finance Agency (FHFA) does not forecast price movements, the agency’s house price index (HPI) provides a great deal of information concerning historical price declines. This paper provides a brief examination of house price declines in the United States and focuses on select areas that have experienced sharp price declines. The depth and duration of declines have varied significantly across areas, and inflation-adjusted prices have generally taken several years to rebound to previous levels.
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