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UI Takes a Deep Dive Into May's Mortgage Market

Friday, July 10, 2020   /   by Erik Bjorklund

UI Takes a Deep Dive Into May's Mortgage Market

The Urban Institute (UI) releases a
regular report, Housing Finance at a
, a "chartbook" loaded with charts and commentary on mortgage
. Much of the May chartbook's material, is retrospective, reaching back
as far as Q4 2019 where there is a time lag in data collection. Much of it, residential
construction data, home price indices, negative equity reports, etc., has been
covered by MND from original sources, but we have cherry-picked a few items
that may have otherwise escaped your and our notice. The total value of the housing market, as
outlined in the Federal Reserve's Flow of Fund Report has gradually increased
since 2012, driven primarily by growing home equity. The Q4 2019 numbers show
that while total home equity was steady this during that quarter at $19.7
trillion, mortgage debt outstanding grew slightly from $11.1 trillion in Q3 to
$11.2 trillion in Q4, bringing the total value of the housing market to $30.9
trillion. This is 20.7 percent higher than the pre-crisis peak in 2006. Agency
MBS account for 61.6 percent of the total mortgage debt outstanding,
private-label securities make up 3.9 percent, and unsecuritized first liens 30.0
percent. Home equity loans comprise the remaining 4.5 percent of the total.



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