1/ sharp decline in U.S. unemployment rate led me to update work with @AtifRMian on differential increase in unemployment rate across U.S. counties by size of housing collapse during Great Recession 
2/ Notice that pre 2006, counties with largest subsequent housing collapse saw similar unemployment rates, and even weak evidence of a larger decline in unemployment rate.
3/ but the housing collapse led to a large relative increase in unemployment rate in hard hit housing counties (think AZ, CA, FL, NV), and the effects are amazingly long-lived
N/ the legacy of the housing crash is still with us, even 10 years later with a strong overall economy. see excellent paper by @dannyyagan for related work: eml.berkeley.edu/~yagan/Hystere…
