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 Case, Quigley, and Shiller (2005); Shiller (2012); Bureau of Economic Analysis National Income and Product Accounts (Table 1.1.5); and Federal Reserve Board Flow of Funds Accounts

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