Fannie, Freddie, and FHA In Oregon, CY 2010: Ho Hum, Another $21 Billion Year.

Readers may recall a September 2010 post HERE that showed an Oregon county breakdown of $21 Billion in Fannie, and Freddie AND FHA loans for CY 2008. 

Because it requires so much work to produce this data, I skipped CY 2009 but have just added two additional tables to the PDF file linked in right pane of the blog; A Picture of GSE Assisted Households, CY 2010.

Look for These Two New Tables:

• Table 3: Loan Counts by Oregon County for Fannie, Freddie AND FHA, Including Loan Purpose and Shares
• Table 4: Loan $$ by Oregon County for Fannie, Freddie AND FHA, Including Loan Purpose and Shares

Some Observations:

1. During CY 2010 in Oregon there were $21.35 Billion in loans acquired or insured by the GSE's and FHA.
2. The loans went to 104,000 households.
3. Among the three agencies, FHA's share of all loans was 19%, but it had a much larger 43% share of home purchase loans. 
4. Refinances made up 82% of the GSE business in Oregon during CY 2010. 

A Multiple Year Look at Federally Supported Home Ownership Program in Oregon:
Last 3 Years: More than $65 Billion; Last 4 Years: Estimated $80 Billion.

Federally supported home loan commitments in Oregon were in excess of $65 billion for the 3 years from 2008-2010 assuming: 

• That GSE and FHA volume during 2009 was roughly the same as 2008 and 2010.
• That VA and RDA loans totaled $1 billion annually.

Assuming GSE and FHA loan volume was somewhat down during CY 2011, a working estimate is that for the last 4 calendar years federally supported home loans in Oregon totaled close to $80 Billion.

Putting an Oregon annual $20 Billion, 100,000 GSE, FHA, VA, and RDA Assisted Households A Year Estimate in Perspective:

• The federal Consolidated Federal Funds Report shows that federally supported Small Business Loans (CFDA 59.012) in Oregon totaled only $104 million during FY 2010.
• CBPP estimates HERE that there were 54,000 federally assisted renter households in Oregon in 2010, 75 years after the beginning of these programs.

Originally created and posted on the Oregon Housing Blog
 

2009 HMDA Oregon Owner Occupied 1-4 Family Summary by County: Home Purchase Loans Were DOWN (Except for FHA) , Refinances WAY Up.

I took a look at the recent Oregon HMDA 2009 data I recently posted (prior post HERE). 

I compared that data with 2008 HMDA data and did a COUNTY and STATE level PDF table HERE that compares data for 2009 and 2008 using these filters: 

1. Loan Originations
2. Owner Occupied
3. 1- 4 family properties 
4. ALL loan sources, with a FHA subtotal.

(Table is formatted as legal to fit all the columns). 

Some observations:

1. Total volume from all sources was up 50%, but this was because refinances were up by 82%, while home purchase loans from all sources declined by 4%.
2. Total volume for FHA was up 55%, because FHA home purchase volume was UP by 60%, while refinances increased by only 50%.
3. Calculating from data on the chart, FHA share of home purchases increased to 39% in 2009 from 23% in 2008; FHA share of refinances declined to 12% in 2009, down from 14% in 2008; FHA share of Purch+Refi increased marginally from 17.6% in 2008 to 18.3% in 2009.
4. More than 3 out of every four (76%) HMDA loans originated in 2009 in Oregon was a REFINANCE. (88,306/116,610). In 2008, refinances represented only 62% of all loans originated (48,454/77,815).

Originally created and posted on the Oregon Housing Blog.