The 2008 U.S. housing crisis and its potential impacts on planning : a comparison of Austin, Atlanta, and Miami

Abstract

The United States is in the midst of a rather severe housing crisis. Home prices have declined and foreclosures have increased in cities all over the country. The crisis began in 2007 and has continued into the fourth quarter of 2008. Some cities have been severely affected by the housing crisis while others have been able to maintain relatively healthy housing markets. This paper demonstrates the local nature of housing markets and the factors which shape them. Analyses of the local housing markets of Austin, TX, Atlanta, GA and Miami, FL comprise the bulk of this paper and demonstrate the broad spectrum of housing market conditions that exist today. The lessons learned from the three case studies finally lead to some recommendations for local planners which could prove effective for creating and maintaining healthy local housing markets.