Fall/Winter 1984, Vol 9, No 2

Abstract: Disinflation has been the dominant factor in the housing market during the 1980s, just as inflation was during the 1960s and 1970s. Houses are no longer in demand as a hedge against inflation, and their prices are declining in real terms, although they are still higher than before inflation started. If the process of disinflation continues, the worst part of the adjustment may be over, and in retrospect the problems of the housing market during the early 1980s will be seen as transitional.