최신자료
AEI Housing Market Indicators, July 2024
Purchase volume in 2024 week 30 was down 12% YoY and down 49% from the same week in 2019. Year-over-Year (YoY) HPA in June 2024 Remains Strong at 5.0%
Historically, Fannie has generally securitized more loans than Freddie. Freddie’s share is now on par or at times even exceeding Fannie. Since we’ve been tracking, Freddie loans have been also less risky than Fannie loans. However, this trend has reversed since January 2023. This is likely due to a greater standardization of credit parameters between the two. Recently, Freddie has also become much more aggressive in the >95 CLTV space contributing to its higher risk index.
Affordability worsened for entry-level buyers, making it generally much harder to buy an entry-level home in 2023 than in 2012. While first-time buyers (FTBs) generally have higher MDRs than repeat buyers (RBs), FTB MDR experienced a notable drop from March 2020 to June 2020 and have since moved sideways. The decline in FTB MDRs is partly driven by the increase in FICO score as well an increase in down payments for FTBs since March 2020, which has been offset some by an increase in total debt to income ratio. Total and housing debt to income (DTI and PITI) are increasing for FTB purchase loans.
We find that permit and impact fee costs vary significantly across states (left chart). These fees are likely set in dollar terms by each jurisdiction but they are correlated with housing costs. These data suggest that permit and impact fee costs are a policy choice and that reducing them could results in greater housing production and increase housing affordability.
The share shift from banks, especially large ones, to nonbanks accelerated during the pandemic. During the pandemic, a less dramatic market shift occurred from large banks to nonbanks for FHA Purchase loans, as banks had already largely exited this market.
Historically, Fannie has generally securitized more loans than Freddie. Freddie’s share is now on par or at times even exceeding Fannie. Since we’ve been tracking, Freddie loans have been also less risky than Fannie loans. However, this trend has reversed since January 2023. This is likely due to a greater standardization of credit parameters between the two. Recently, Freddie has also become much more aggressive in the >95 CLTV space contributing to its higher risk index.
Affordability worsened for entry-level buyers, making it generally much harder to buy an entry-level home in 2023 than in 2012. While first-time buyers (FTBs) generally have higher MDRs than repeat buyers (RBs), FTB MDR experienced a notable drop from March 2020 to June 2020 and have since moved sideways. The decline in FTB MDRs is partly driven by the increase in FICO score as well an increase in down payments for FTBs since March 2020, which has been offset some by an increase in total debt to income ratio. Total and housing debt to income (DTI and PITI) are increasing for FTB purchase loans.
We find that permit and impact fee costs vary significantly across states (left chart). These fees are likely set in dollar terms by each jurisdiction but they are correlated with housing costs. These data suggest that permit and impact fee costs are a policy choice and that reducing them could results in greater housing production and increase housing affordability.
The share shift from banks, especially large ones, to nonbanks accelerated during the pandemic. During the pandemic, a less dramatic market shift occurred from large banks to nonbanks for FHA Purchase loans, as banks had already largely exited this market.
많이 본 자료
![[팀튜링의 디지털 오디세이] 제1화 UAM의 미래](/userdata/main/incContent/sideLink/19/aaaGHKBjsPPI5g31szc-y20240605110816byhta.png)
![[2024.04] 물가상승](/userdata/main/incContent/sideLink/20/aaaGHKBjsPPI5g31szc-y20240605111046bpogp.jpg)
