WIDENING GAPS - THE BEHAVIOR OF SUBMARKET HOUSING PRICE INDEXES IN THE DALLAS AREA, 1979-1993

During the course of the most recent business cycle, there were signif icant submarket differences in the rise and fall of nominal housing pr ices in Dallas County, Texas. On the upswing, there was a fairly unifo rm wave of appreciation, although the most affluent sectors appreciate d most. The major differences came in the downswing, when prices in th e poorest and most segregated neighborhoods declined more rapidly and for a more extended period than average, while prices in the wealthies t sectors declined less and experienced a speedier turnaround, widenin g the gaps between rich and poor.