Items tagged with housing:
News & Updates:
Proponents of robust mortgage finance regulation would do well to look to the states, and specifically to the regulatory effects of state-mandated judicial foreclosure. Judicial foreclosure, which is authorized in almost half of U.S. states, requires that lenders seeking to foreclose on a mortgage file an action in state court. This not only provides borrowers with a forum for holding lenders accountable for their behavior and obligations, but puts the onus on the lender to show that the requirements for foreclosure have been met. It also aids borrowers by delaying the foreclosure process and allowing them to remain in their homes for longer periods while in default. In this brief, Professor Brian Feinstein empirically examines the effects of judicial foreclosure on lender behavior and mortgage costs for consumers. The findings indicate that judicial foreclosure alters lender behavior in ways that are beneficial to borrowers, and that mirror regulatory goals. Lenders exhibit greater caution in loan-approval decisions and offer fewer subprime loans. These results are amplified for lower-income borrowers. Importantly, the costs imposed on lenders by judicial foreclosure do not appear to get passed on to borrowers in the form of higher rates.
Senators consider actions to address “pension crisis”; New bill to change tax-free exceptions for multimillionaire gifts; Consumer sentiments fall marginally; Jobless claims rise according to this weeks metrics.
Manufacturers urge FTC to crack down on fraudulent “Made in the USA” tags; Judge rules in favor of asylum seeker’s rights; EPA to “set” biofuel program targets; Housing starts metric rise by 1.5%.
In an interview with CNBC, Professor Susan M. Wachter of the Wharton School at the University of Pennsylvania discusses the effects of higher home prices on millennials. She indicates that although the United States is in peak housing supply, mortgage rates and housing prices are constricting demand. She also argues that millennials will continue to drive demand, but that they will want to buy at current prices and mortgage rates.
According to the research of Lee Ohanian and Jesús Fernández-Villaverde, California has undergone an increase in population. A few of the problems related to population increase are the cost and lack of housing. The median home value in California is 150% above the national average($541,800 to $218,000). Additionally, only 30% of California residents are able to afford the state’s median home value. To address California’s housing challenges, Ohanian and Fernández-Villaverde both argue to enact more zoning regulations that migrate people to lower cost of living areas. Also, both Ohanian and Fernández-Villaverde recommend expanding rent control.
Fannie Mae: Economic & Strategic Research
Fannie Mae’s housing market research includes information and analyses on the state of the housing and mortgage industries, consumer and demographic insights, economic and mortgage market analysis and trends, and forecasts. Fannie Mae initiatives include:
• Economic & Housing Outlook
• National Housing Survey
• Own-Rent Analysis
• Housing Insights Series
Freddie Mac: Economic & Housing Research
Freddie Mac’s Economic and Housing Research includes:
- Primary Mortgage Market Survey: Freddie Mac surveys lenders each week on the rates, fees and points for the most popular mortgage products. Results are released Thursday at 10am EDT.
- U.S. Economic and Housing Outlook: Each month, Freddie Mac compiles data on major economic, housing and mortgage market indicators and offers forecasts.
- Refinancing Activity Reports: Freddie Mac compiles statistics and produces two quarterly reports, the “Cash-out Refinance Report” and the “Refinance Product Transition Report” based on loans refinanced in its retained portfolio.
- Freddie Mac House Price Index (FMHPI): Freddie Mac publishes its monthly house price index values each quarter for the nation as a whole, for each of the 50 states and the District of Columbia, and 367 metropolitan statistical areas (MSAs).
- Monthly Refi and ARM Shares: Once a month, as part of the Weekly Primary Mortgage Market Survey®, Freddie Mac collects the Refinance and ARM share of applications, as reported by lenders who participate in the survey.
- The Federal Cost of Funds Index (COFI) is used as a benchmark for some types of mortgage loans and securities. It is calculated as the sum of the monthly average interest rates for marketable Treasury bills and for marketable Treasury notes, divided by two, and rounded to three decimal places.
National Association of Home Builders
NAHB produces in-depth economic analyses of the home building industry based on private and government data. Our economics group surveys builders, home buyers, and renters to gain insight into the issues and trends driving the industry.
S&P/Case-Shiller Home Price Indices
The S&P/Case-Shiller Home Price Indices are the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.
U.S. Census Bureau: Housing
All available Census data on housing topics, including:
- Comparability of Housing Data from the Census, ACS, AHS, and the CPS/HVS
- Financial Characteristics
- Housing Vacancies
- Multifamily Housing
- Physical Characteristics
- Rental Housing
- Residential Financing
- Historical Housing Data
Quick link: http://www.census.gov/housing/