Tuesday, November 29, 2011

Government Assisted Single Family Loan Support in Lake Oswego, First 11 Months of CY 2011: $50+ Million is Conservative Estimate.

The written comments I submitted on the Lake Oswego Foothills plan got me thinking about other broadly defined "government assisted"  housing programs that operate in Lake Oswego.  

While I don't have Fannie or Freddie single family data , I do regularly report on FHA SF activity (see my most recent FHA SF statewide post HERE). 

I downloaded Oct 2011 FHA SF data and went back and extracted Lake Oswego data and for the first 10 months of CY 2011 through October, the data shows more than $27 million in FHA SF insured loans for 86 families.  (See table pasted below for breakouts by loan type)

Note that 27% of the mortgage amounts and 20% of the loans in Lake Oswego through October went to the elderly focused FHA Home Equity Conversion loan program. 

Total of $50+ Million in Federal Support for Home Ownership So Far this Year in Lake Oswego is a Conservative Estimate
If Fannie and Freddie together accounted for same volume as FHA it probably is a conservative estimate to assume that Lake Oswego has seen in exceess of $50 million in "government assisted" single family loan activity this year. (This does not include of course the tax advantages of mortgage interest and property tax deductions).

Originally created and posted on the Oregon Housing Blog

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