{"id":41242,"date":"2016-01-12T06:11:38","date_gmt":"2016-01-12T14:11:38","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=41242"},"modified":"2020-10-06T17:08:23","modified_gmt":"2020-10-07T00:08:23","slug":"nine-years-after-home-prices-started-falling-here-are-nine-measures-of-how-far-weve-come","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/nine-years-after-home-prices-started-falling-here-are-nine-measures-of-how-far-weve-come\/","title":{"rendered":"The Housing Market: Nine Years Later, Here Are Nine Measures Of Progress"},"content":{"rendered":"

Nine years ago this month, home prices posted their first recorded year-over-year drop, one of the earliest signals that the market was going south after years of dizzying growth. A year later, the recession was in full swing and President Barack Obama was being sworn into office.<\/span>
\nWhen Obama gives his final State of the Union address to Congress tonight, he\u2019s unlikely to make more than a passing nod to the state of the nation\u2019s housing market. <\/span>
\nSo we\u2019ll do the talking for him. Housing shoved the economy over a cliff into the downturn, but we also have it to thank for dragging us out. <\/span>Here are nine measures of the good and bad of our nine-year recovery.<\/p>\n

1. The <\/span>Foreclosure Crisis Is Over<\/span><\/h3>\n

The after-effects of the bust linger as banks work through\u00a0the last of the bad bubble-era loans, but the tidal wave has washed over. New foreclosures are at 2005 levels, according to <\/span>RealtyTrac<\/span><\/a>.<\/span><\/p>\n

\"foreclosures\"<\/figure>\n

2. Americans Are Less Likely to Own<\/span><\/h3>\n

About 63.5 percent of households own a home, down from nearly 68 percent at the start of the recession. It might not seem like a big difference, but the rate of <\/span>homeownership<\/span><\/a> is lower now than it was in the 1970s, according to the Census Bureau. <\/span><\/p>\n

3. Mortgage Rates Have Made History<\/span><\/h3>\n

As prices fell after the collapse, so did interest rates. In 2007, a 30-year mortgage went for more than 6.3 percent. Last week you could get one for <\/span>3.97 percent<\/span><\/a>, according to Freddie Mac. That\u2019s been a boon to affordability and an important driver of sales and price gains.<\/span><\/p>\n

4. Buyers Are Buying<\/span><\/h3>\n

Excluding new construction, we\u2019re on pace for <\/span>4.76 million<\/span><\/a> home sales in 2015, according to the National Association of Realtors. It\u00a0could be better. <\/span>Homebuyer demand<\/span><\/a> is strong and sales would be stronger if there were more properties on the market and more people could get loans.<\/span><\/p>\n

\"home<\/figure>\n

5. Prices Are Back<\/span><\/h3>\n

Nationally, home prices are 11 percent to 13 percent below their 2006 peak, according to S&P\/Case-Shiller<\/a>. In most major cities, including San Francisco and Denver, they\u2019ve recovered completely. It\u2019s been a slog, but we\u2019re getting there.<\/p>\n

\"home<\/figure>\n
<\/figure>\n

6. Home Equity Is Back, Too<\/span><\/h3>\n

When home prices cratered, it wiped out a lifetime of wealth for many Americans. Now, not only are prices up, homeowners are borrowing a lot less, which has pushed home equity above pre-recession levels to more than\u00a0<\/span>$11.3 trillion<\/span><\/a> in 2014, a\u00a075 percent increase from\u00a0the 2011 trough, according to the Federal Reserve.<\/span><\/p>\n

7. Builders Aren\u2019t Breaking Ground<\/span><\/h3>\n

Last we checked, homebuilders were on track to construct fewer than 1.2 million<\/a> houses, townhomes and condos in 2015, well below the 1.6 million the country needs to keep up with population growth and new households. That\u2019s one reason homebuyers have so little to chose from in many cities.<\/span><\/p>\n

\"housing<\/figure>\n

8. Fewer People Can Get Loans<\/span><\/h3>\n

After the meltdown, Congress went to great lengths to protect buyers from toxic mortgages. Unfortunately, that\u2019s made even plain-vanilla loans harder to get, especially for first-time and self-employed borrowers. We\u2019re still seeking the right balance, said Mike Fratantoni, chief economist at the <\/span>Mortgage Bankers Association<\/span><\/a>. On the bright side, there\u2019s not much chance of another credit bubble. This chart says it all.<\/span><\/p>\n

\"mortgages\"<\/figure>\n

9. Taxpayers Are Knee-Deep In Mortgages<\/span><\/h3>\n

If you do have a home loan, it’s probably backed by the government. Nearly 74 percent of all mortgage dollars are funneled through the Federal Housing Administration, Fannie Mae, Freddie Mac and the Veterans Administration. In 2007, those agencies accounted for only 56 percent of home loans, according to <\/span>Inside Mortgage Finance<\/span><\/a>. Private lenders are just starting to\u00a0tip-toe\u00a0back into the market.<\/span>
\nWhere does that leave the state of housing? Approaching normal, but not there yet.
\n\u201cHousing has come a long way and it’s moving in the right direction,\u201d Redfin chief economist Nela Richardson<\/a> said. \u201cStill, for many middle class families home ownership remains a dream deferred by high prices, tight credit and stagnant wages.\u201d
\n— With Taylor Marr<\/p>\n","protected":false},"excerpt":{"rendered":"

At tonight’s State of the Union, President Obama isn’t likely to say much about the state of the nation\u2019s housing market. So we’ll do it for him.<\/p>\n","protected":false},"author":13355,"featured_media":41438,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74],"coauthors":[],"class_list":["post-41242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\nNine Years After Housing Bubble, Nine Measures of Progress<\/title>\n<meta name=\"description\" content=\"At tonight's State of the Union, President Obama is unlikely to say much about the state of the nation\u2019s housing market. 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