Sunday, April 22, 2012

Lake Oswego WOW: Nearly 1 in 6 Owner Occupants with a Mortgage Got a Government Assisted Home Loan in Just ONE Year; Loan Total Was $395 Million.

With my recent work on the need for government assisted RENTAL housing in Lake Oswego, including Foothills redevelopment, I thought this would be a good time to go back and see how many government assisted HOME LOANS have been provided to Lake Oswego home owners in the recent past. 

The $$ and household estimates here do NOT include home ownership related tax expenditures like home mortgage and property tax deductions or home buyer tax credits, etc, but ONLY the ONE YEAR amount of single family loans from FHA, Fannie Mae and Freddie Mac.  (My estimate also doesn't include VA home loans).

As the table pasted below shows I estimate that in CY 2010 1,400+ Lake Oswego families received nearly $395 million in loans insured or purchased by government agencies: FHA, Fannie Mae, and Freddie Mac. (My estimate is conservative as the GSE loan total ONLY includes 6 of 12 census tracts  that I count that are fully or partially located in Lake Oswego and recall that I also did NOT include VA loans):

Further Analysis Possible With Excel Workbook
You can do you own analysis by looking at the GSE FHA CY 2010 Lake Oswego workbook I have posted HERE. It includes the table above; all the loan level GSE and FHA data available; and a worksheet that shows a listing of Lake Oswego census tracts that I used and and clipped pictures of Census Tract map boundary maps.  

I recommend that you look at the READ ME worksheet when you open this workbook.
WOW: Nearly One in Six Lake Oswego Owner Occupied Home Owners With a Mortgage Got a Government Assisted Home Loan in Just ONE Year, CY 2010. 

The most recent 3 Year ACS estimate (Table B25081] is that there were 8,278 Lake Oswego owner occupied households with a mortgage. Using the Excel workbook "occupancy code " data field in the GSE data worksheet to filter out 77 LO GSE investor/ non owner occupant loans leaves 1,228 owner occupied GSE loans during CY 2010. 

Adding in the 122 FHA owner occupied loans means there were 1,350 owner occupied government assisted home loans in Lake Oswego during CY 2010. 

Dividing that by the 8,278 Lake Oswego owner occupied households with mortgage means that 16.3% of all LO families (nearly one in six) with a mortgage got a government assisted loan in just ONE year, CY 2010. [Note that my count of government assisted loans also does NOT include VA loans).

Excel Downloading Tip-This workbook was created in Excel 2007/2010 format. Some users report they cannot direct view Excel files in this format from within their browser and/or that Excel files they save end up with a compressed .zip file extension.

My suggestion is to RIGHT CLICK and save the file to your PC. Then navigate to the file you downloaded and look at its file extension. IF it appears as .ZIP extension, change the .ZIP extension to an Excel 2007/2010 extension (.xlsx), and THEN open the file with Excel 2007/2010.
Originally created and posted on the Oregon Housing Blog.

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