Housing Economics - 05/01/2008 (Plain Text Version)
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E-mail Our Editor In this issue: Foreclosures, Prices, and Homeownership by StateOver the past year or two many local housing markets have experienced trends with which stakeholders have had little prior experience. The trends vary from state to state, but include rising foreclosure rates, declining production and prices of owner-occupied housing, and a falling rate of homeownership. In California, for example, the foreclosure start rate was 1.04 percent for all loans and 4.62 percent for subprime loans in the fourth quarter of 2007. These numbers were up about 158 percent and 146 percent, respectively, from the fourth quarter of 2006. Single family permits, meanwhile, were issued at a (seasonally adjusted annual) rate of 47,912—a historically low number for California and down 43 percent from the 84,493 posted in the fourth quarter of 2006 (which itself was down more than 40 percent from the fourth quarter of 2005). The OFHEO purchase only index indicates that house prices in California declined 11.5 percent between the fourth quarter of 2006 and the fourth quarter of 2007, and the homeownership rate in the state dropped 2.3 percentage points, from an even 60.0 percent down to 57.7, over the same period.
Attached tables show this information for all 50 states and the District of Columbia from the first quarter of 2000 through the fourth quarter of 2007. There are four Excel files, one for each of the four principle Census regions: Northeast, Midwest, South, and West. If you are interested in foreclosure start rates, single family permits, house prices, or homeownership for a particular state over this time span, open the file for the appropriate region and move to the worksheet for a particular state by navigating across the tabs that appear at the bottom of the screen. For more information or to contact us directly, please visit www.NAHB.org | ©2008, National Association of Home Builders |