SWA2014-Introduction | Figure 1B | Home prices and their impact on residential investment and housing wealth, 1995–2011

Note: The housing wealth effect is obtained by multiplying the change in housing wealth from its 1997 average by $.06 (the low-end estimate of annual consumer spending generated by each dollar in housing wealth) and expressing the resulting product as a share of overall GDP. Data are quarterly.

Source: Authors' analysis of Shiller (2005 and 2012), Bureau of Economic Analysis National Income and Product Accounts (Table 1.1.5), and Federal Reserve Board (2012)

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