-
-
Do you have a Freedom of Information request? Learn how to submit it.
See the world's largest accumulation of gold as you learn about the New York Fed and Federal Reserve System on a free tour.
The latest Annual Report chronicles the impact of Federal Reserve policies and includes data on the New York Fed's operations.
-
-
-
The Weekly Economic Index provides an informative signal of the state of the U.S. economy based on high-frequency data reported daily or weekly.
The Center for Microeconomic Data offers wide-ranging data and analysis on the finances and economic expectations of U.S. households.
Our model produces a "nowcast" of GDP growth, incorporating a wide range of macroeconomic data as it becomes available.
-
-
-
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
-
-
-
The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
-
-
-
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
This Economist Spotlight Series is created for middle school and high school students to spark curiosity and interest in economics as an area of study and a future career.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
-
January 12, 1999
NOTE TO EDITORS
The latest issue of the New York Fed's Second District Highlights--Second District House Prices: Why So Weak in the 1990s?--is enclosed for your review.
Following a 1980s boom, real house prices in the Federal Reserve's Second District between 1990 and 1997 have declined by 29 percent in the New York metro area and by 25 percent in upstate New York relative to the U.S. average.
The sharp disparity between Second District and national house-price trends in the 1990s is examined by authors Matthew Higgins, a senior economist in the Bank's International Research area, and Carol Osler, a senior economist in the Capital Markets area.
The relative drops in the price of houses in the New York metro area and upstate stands in contrast to house prices at their respective 1980s peaks, during which prices in the metro area had risen 56 percent and prices upstate had climbed 20 percent relative to prices nationwide.
Higgins and Osler also find that:
-
In the New York metro area, weaknesses in the economic "fundamentals" thought to determine house prices--such as real personal income growth and unemployment--accounted for half of the 29 percent fall in prices relative to the nation between 1990 and 1997.
-
An equal contributor to the New York metro area's relative drop in house prices during this period was a prolonged hangover from the Second District's excessively rapid house-price growth in the 1980s--growth that may have been caused by expectations of further price rises.
-
Weak economic fundamentals and the post-boom hangover played much smaller roles in explaining upstate New York's 25 percent decline in house prices versus national prices between 1990 and 1997.
Contact: Douglas Tillett
