1996-2004 Trends in the Single-Family Housing Market: Spatial Analysis of the Residential Sector
This report provides a detailed geographic analysis of two specific topics affecting the residential sector. First, we performed an analysis of new construction market trends using annual building permit data. We report summarized tables and national maps to help illustrate market conditions. Second, we performed a detailed geographic analysis of the housing finance market. We analyzed mortgage application data to provide citable statistics and detailed geographic summarization of the residential housing picture in the US for each year in the 1996-2004 period. The databases were linked to geographic information system tools to provide various map series detailing the results geographically. Looking at these results geographically may suggest potential new markets for TD programs addressing the residential sector that have not been considered previously. For example, we show which lenders affect which regions and which income or mortgage product classes. These results also highlight the issue of housing affordability. Energy efficiency R&D programs focused on developing new technology for the residential sector must be conscious of the costs of products resulting from research that will eventually impact the home owner or new home buyer. Results indicate that home values as a proportion of median family income in Building America communities are closely aligned with the national average of home value as a proportion of median income. Other key findings: • The share of home building and home buying activity continues to rise steadily in the Hot-Dry and Hot-Humid climate zones, while the Mixed-Humid and Cold climate zone shares continue to decline. Other zones remain relatively stable in terms of share of housing activity. • The proportion of home buyers having three times the median family income for their geography has been steadily increasing during the study period. • Growth in the Hispanic/Latino population and to a lesser degree in the Asian population has translated into proportional increases in share of home purchasing by both groups. White home buyers continue to decline as a proportion all home buyers. • Low interest rate climate resulted in lenders moving back to conventional financing, as opposed to government-backed financing, for cases that would be harder to financing in higher rate environments. Government loan products are one mechanism for affecting energy efficiency gains in the residential sector. • The rate environment and concurrent deregulation of the finance industry resulted unprecedented merger and acquisition activity among financial institutions during the study period. This study conducted a thorough accounting of this merger activity to inform the market share analysis provided. • The home finance industry quartiles feature 5 lenders making up the first quartile of home purchase loans, 18 lenders making up the second quartile, 111 lenders making up the third quartile, and the remaining nearly 8,000 lenders make up the fourth quartile.
- Research Organization:
- Pacific Northwest National Lab. (PNNL), Richland, WA (United States)
- Sponsoring Organization:
- USDOE
- DOE Contract Number:
- AC05-76RL01830
- OSTI ID:
- 894471
- Report Number(s):
- PNNL-15925; EH2500000; TRN: US200721%%672
- Country of Publication:
- United States
- Language:
- English
Similar Records
Final Technical Report_Clean Energy Program_SLC-SELF
Transferring PACE Assessments Upon Home Sale