External link to A decade of broad-based demand

A decade of broad-based demand

A DECADE OF BROAD-BASED DEMAND As measured by the Housing Vacancy Survey, the number of renter households soared by nearly 9 million from 2005 to 2015—the largest increase over any 10-year period on record. Moreover, 2015 marked the largest single-year jump in net new renter households, up 1.4 million, with most of the gains posted in the first half of the year. Renters have thus […]

External link to Changes in mortgage origination channels

Changes in mortgage origination channels

CHANGES IN MORTGAGE ORIGINATION CHANNELS The weakness in mortgage originations in 2015 was accompa- nied by changes in the regulatory environment resulting from the rollout of Dodd-Frank Act provisions and other rulemaking. These changes, along with recent enforcement actions, may have dampened lending activity as lenders adjust to the new standards. The Ability to Repay rule (also known as the Qualified Mortgage rule), which took […]

External link to Tight mortgage market conditions

Tight mortgage market conditions

TIGHT MORTGAGE MARKET CONDITIONS The number of first-lien mortgage originations for owner- occupied home purchases increased only incrementally from its 2011 low, reaching 2.8 million in 2014. While originations are still below their 2000 levels, Fannie Mae and Freddie Mac both Notes: Incomes are adjusted for inflation using the CPI-U for All Items. Home prices are adjusted using the CPI-U for All Items less shelter. […]

External link to The Federal Housing Administration

The Federal Housing Administration

The Federal Housing Administration (FHA), which offers loans with downpayment requirements as low as 3.5 percent, has traditionally been a critical source of mortgage credit for house- holds unable to put large amounts down on a home purchase. Fannie Mae and Freddie Mac also lowered their downpayment requirements from 5 percent to 3 percent in 2015, introducing loan products that target first-time homebuyers who otherwise […]

External link to Student loan debt and down payment

Student loan debt and down payment

STUDENT LOAN DEBT AND DOWNPAYMENT PRESSURES Although home prices remain generally affordable, rising stu- dent loan debt has eroded the amount of income that house- holds have to spend on a home purchase. According to the Notes: Home purchases are equal to the number of homeowners that moved in the preceding year. Data are three-year trailing averages. Source: JCHS tabulations of US Census Bureau, Current […]

External link to Affordability of home prices

Affordability of home prices

AFFORDABILITY OF HOME PRICES While home prices have rebounded from their 2011 lows, they are still affordable by historical standards. The real median sales price of existing homes climbed 6.6 percent in 2015 to $222,400, while the real median price of new single-family homes rose 4.7 percent to $296,400. Despite this increase, the NAR Housing Affordability Index—comparing median household income to the mortgage payment on […]

External link to Foreclosures backlog and sluggish home buying

Foreclosures backlog and sluggish home buying

FORECLOSURES BACKLOG AND SLUGGISH HOMEBUYING The overhang of foreclosures has contributed to the continued slump in homeownership. Although on the decline, distressed sales are still well above pre-crisis levels (Figure 20). According to CoreLogic data, the total number of foreclosure completions, short sales, and deed-in-lieu of foreclosure transactions for one- to four-family properties averaged 55,900 per month in 2015. This figure is down from a […]

External link to Home ownership rate declines

Home ownership rate declines

HOMEOWNERSHIP RATE DECLINES The decade-long slide in homeownership is unprecedented in American history, with the national rate down more than 5 percentage points from the 69.0 percent peak in 2004, to just 63.7 percent in 2015 (Figure 19). The persistent decline reflects the lack of growth in the number of homeowner households at a time of robust growth in the number of renter households. According […]

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