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The COVID-19 Pandemic Migration and Enterprise Acquisitions of Manufactured Home Loans
The COVID-19 Pandemic Migration (the Migration) led to a decline in state-level acquisition shares of manufactured housing mortgages on the West Coast and increasing shares in the Sun Belt states. This blog demonstrates how financing from the Enterprises enabled a practical solution for lower-income...
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Trends in Median Appraised Value for Properties With Accessory Dwelling Units in California
FHFA analysis shows higher relative growth in the median appraised value for Enterprise-backed single-family properties with accessory dwelling units than for those without accessory dwelling units in the state of California between 2013 and 2023. UAD Aggregate Statistics The Federal Housing Finance...
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Enterprise Multifamily Focus in 2022 and 2023
Summary Statistics From FHFA’s Multifamily Public Use Databases In 2022 and 2023, Fannie Mae and Freddie Mac (the Enterprises) financed more multifamily properties in the Northeast, Florida, Texas, and California than elsewhere in the contiguous United States. The Enterprises’ financing of...
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The Volume and Median Value of FHA Single-Family Appraisals Rose over the Past Year and Quarter
The volume of purchase and refinance FHA appraisals increased between the second quarters of 2023 and 2024 and between the first and second quarters of 2024. The median appraised value for FHA purchase appraisals also increased over the past year and quarter. The Federal Housing Finance Agency (FHFA...
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Securitization of Manufactured Housing Loans in Enterprise Portfolios
This blog highlights the unique patterns of securitization of manufactured housing loans within securities issued by Fannie Mae and Freddie Mac. Lenders and investors often favor these loans in “specified pools.” Here we explain the nature and role of specified pools and the characteristics of...
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2024Q2 UAD Aggregate Statistics: Median Appraised Value for Enterprise Single-Family and Condominium Appraisals Rose over the Past Year and Quarter
The median appraised value for both purchase and refinance Enterprise single-family and condominium appraisals increased between the second quarters of 2023 and 2024 and the first and second quarters of 2024. The Federal Housing Finance Agency (FHFA) published the 2024Q2 update of the Uniform...
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FHFA Mortgage Loan and Natural Disaster Dashboard Blog: A Case Study of Hurricane Beryl
This week, FHFA released the Mortgage Loan and Natural Disaster Dashboard that enables users to assess the impact of natural disaster risk on vulnerable communities as well as the distribution of physical hazard risk for 2022 loan acquisitions by FHFA’s regulated entities. Data This dashboard...
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The Geography of the Lock-In Effect: Which MSAs are Most Locked-In?
Interest rates hit historic lows in 2020-2021 and prompted substantial refinancing of mortgage loans before rates surged back up in 2022. Many mortgage borrowers now have fixed-rate loans significantly below current market interest rates, creating a strong disincentive to sell. This phenomenon...
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Land Price Appreciation During the COVID-19 Pandemic
Introduction Land values are highly correlated with mortgage collateral risks and underlying location desirability; hence, these data are in high demand by researchers and policymakers. As a means with which to determine the replacement value of a structure, they are also important for estimating...
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Counting Comps: Exploring the Number of Comparable Properties in Home Appraisals
More than two-thirds of home appraisals associated with Enterprise-backed mortgages during the 2013-2021 period included five or more comparable properties, even though the Enterprises only require three comparables. However, the share of appraisals with five or more comparable properties decreased...