This paper presents the first repeat sales index for residential housing in any U.S. city spanning the late 19th and early 20th centuries, covering Baltimore from 1880 to 1953. Compared to previous data, the index shows larger declines in housing prices during the Depressions of the 1890s and 1930s. I also find higher leverage entering into those periods than previously understood. I conclude that negative equity in the 1930s was a bigger problem than implied by existing data, rationalizing the extent of foreclosures that occurred.

中文翻译：

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重新评估 1890 年代和 1930 年代大萧条中房价下跌的幅度和杠杆作用

本文介绍了 19 世纪末和 20 世纪初美国任何城市的第一个住宅重复销售指数，涵盖 1880 年至 1953 年的巴尔的摩。与以前的数据相比，该指数显示 1890 年代大萧条期间房价的跌幅更大和 1930 年代。我还发现进入这些时期的杠杆率比以前理解的要高。我得出的结论是，1930 年代的负资产是一个比现有数据所暗示的更大的问题，从而使发生的止赎范围合理化。