Monday, September 20, 2021

Update: 2020 GSE Oregon Loan Purchases: $49 Billion, 163,000 Loans. First Time Homebuyers? $6 Billion, 19,000 Loans.

Update: I have added 11 worksheets to help focus on 2020 Oregon minority home loan acquisitions by the GSE's. 

New post HERE has the details. 


For 20 years I have downloaded and analyzed  Oregon data on loans purchased by Fannie Mae and Freddie Mac (The "GSE's). In 2001 I used that data to provide reports on the state of African American and Hispanic homeownership in Oregon. (Short version: GSE's weren't doing much to help first time African American and Hispanic homeowners and increasing homeownership rates requires more lending to first time home buyers). 

A chronological listing of my blog posts with GSE as the keyword is HERE

Several years ago, thanks to Will White in Senator Merkley's office, we finally got the GSE regulator (FHFA) to release annual GSE data in a MS Access format to make it easier to extract data for analysis in Excel.  Data is available at the state, metro, county, and census tract level. 

FHFA published the GSE 2020 data late last week. This year FHFA has changed the data posted to require combining two tables in Access in order to get all data fields for each loan acquired. Suffice it to say that it is a multiple step PITA to do so. [It would be much more user friendly to split the data, sorted by state name]. 

New Excel File

Thanks to the weekend rain I hunkered down and produced a 125 MB Excel workbook HERE with all the GSE loan data for 2020 for Oregon. I added several columns to convert codes into NAMES that users could understand. [File is large at about 125 MB's].

The GSE data includes many of the same data fields as the HMDA data, but covers more geography. Notably it does NOT include lender identification but DOES include FIRST TIME HOMEBUYER data that is missing in HMDA data. 

Within the Excel workbook are multiple worksheets listed in the READ me file in the workbook. They include.

  • A pivot table which allows users to explore topics of interest, including race, ethnicity, gender, loan to value, financing costs, etc. [See pic pasted below for snapshot of Pivot table loan counts by Oregon metro area].
  • A listing of all data fields including those that I added. 
  • Two subordinate worksheets that include only 2-4 unit properties AND only first time homebuyer purchase loans.  
  • A statewide and a county level summary worksheet with counts and dollars for all loans, all purchase loans, and first time home purchase loans. Both worksheets include calculations of the PER UNIT acquisition balance for 2, 3, and 4 unit properties AND how those average PER unit costs compare to ONE unit homes. (Spoiler alert--they are a LOT lower). 

Some statewide observations:

The statewide summary as a PDF is available HERE and embedded below. 

A total of 163,089 loans were purchased with 166,107 units. Two to four unit properties accounted for 2,168 loans and 5,186 units. 

Two to Four Unit PER UNIT Average Principal Balances at Acquisition Were Substantially Lower than for One Unit Properties.

The average mortgage balance at acquisition for ONE unit loans was $300,016. 

On a PER UNIT basis the average mortgage balance at acquisition for two to four unit properties was $128,074. That's 57%/171,942 LESS PER UNIT than a one unit property. 

For two to four unit home purchase acquisitions (NOT refinances) the PER UNIT difference was even higher at 58%./$191,148. 

Originally created and posted on the Oregon Housing Blog. 

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