Mortgage Daily Logo
mortgage news from industry experts

FHA Activity Off

FHA Activity Off$9.3 billion quarterly volume

June 11, 2007


Loans insured by the Federal Housing Administration performed worst in the Motor City, according to a recent monthly report. Volume and market share declined for federally-insured mortgages.

FHA loans insured totaled 68,802 loans for $9.3 billion during the fiscal first quarter ended Dec. 31, according to the January 2007 FHA Business Activity report from the Office of Finance and Budget — Federal Housing Administration. The volume numbers, reported on a one-month lag, indicated 32,765 loans for $4.4 billion were insured during just December.

FHA’s market share in December was 13 percent, while the conventional share was 82 percent and the VA share was 5 percent, according to the report. FHA’s market share for the full fiscal quarter was 18 percent — indicating a recent significant decline. But as a percentage of overall home sales, FHA’s portion was 3.7 percent in December, rising from 2.7 percent for the full quarter.

Single-family mortgages insured amounted to 3.8 million loans for $336.3 billion at the end of January, off 6 percent from a year earlier, the agency of the U.S. Department of Housing and Urban Development said. The Title I portfolio ended the period at 28,115 units at $0.4 billion — tumbling 23 percent, while Title I manufactured housing loans dropped 12 percent to 23,736 loans for $0.7 billion.

The 90-plus-day default rate on the residential portfolio was 7 percent on Jan. 31, the report indicated.

At nearly 14.0 percent, Detroit had the highest default rate of all metropolitan statistical areas reported for data based on December. Next was New Orleans at nearly 13.5 percent, followed by Cleveland at 12.8 percent. Midwestern areas dominated the list of MSAs with the highest delinquency.

Multifamily properties insured by FHA aggregated 12,300 loans for $56.7 billion at December’s end, up 1.5 percent from a year earlier, the report said.

next story

back to current headlines

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts