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Accession Number PB2013-105161
Title Housing and Mortgage Markets in 2011.
Publication Date Dec 2012
Media Count 53p
Personal Author A. Leventis J. Weiher K. Lam V. Smith
Abstract U.S. economy continued to show signs of improvement in 2011. Economic growth, as measured by real gross domestic product (GDP), was positive throughout the year. Inflation, as measured by the consumer price index (CPI), accelerated, but only slightly. Most market interest rates declined further. Financial market liquidity improved as well, and credit spreads remained close to their levels before the onset of the financial crisis in 2008. Labor market conditions continued to improve. The unemployment rate improved to 8.5 percent at the end of 2011, from 9.4 percent the year before. However, while improved, the unemployment rate remained high by historical standards. Conditions in the housing sector remained weak in 2011. House prices continued to decline in some markets and rose modestly in others. Delinquency rates for single-family mortgages fell but remained higher than normal, whereas delinquency rates for commercial/multifamily loans declined. Foreclosure starts also declined but remained worrisomely high. Housing starts and sales came in lower than the year-ago period. The homeownership rate continued to fall, despite historically low mortgage interest rates and rising household incomes. Home affordability reached a new high. Single-family mortgage originations declined again in 2011, primarily reflecting a slower pace of refinancing. Originations of government-insured mortgages fell sharply, and the private mortgage insurance sector continued to show signs of recovery. The multifamily mortgage market continued on the road to recovery. Mortgage purchases and issuance of mortgage-backed securities (MBS) by Fannie Mae and Freddie Mac (the Enterprises) declined in 2011 along with the drop in mortgage originations, but the Enterprises continued to dominate conventional mortgage lending markets. Government agencies were once again the dominant issuers of single-family MBS as private-label issuance volume fell to its lowest level in decades. Issuance of multifamily MBS was up sharply to a level not seen in years. Lending by the Federal Home Loan Banks (FHLBanks) continued to fall due to both the decline in mortgage lending activity and the availability of alternative sources of financing.
Keywords Economic conditions
Economic growth
House prices
Residential buildings

Source Agency Federal Housing Administration
NTIS Subject Category 91E - Housing
96F - Banking & Finance
Corporate Author Federal Housing Finance Board, Washington, DC.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1312
Contract Number N/A

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