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Report on Housing Market Conditions, 4th Quarter 2009

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9 March 2010    
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Report on Housing Market Conditions, 4th Quarter 2009
Covershot of USHMC Quarter 4, 2009.Housing market conditions continued to show signs of stabilizing during the fourth quarter of 2009. During this time, increases were recorded in production and market indicators, as well as in housing affordability. Performance in the multifamily sector continued to be weak, but showed signs of improvement. While delinquencies and foreclosure starts increased, national and minority homeownership rates declined. In addition to the quarterly data, this new report presents an overview of annual 2009 housing market conditions compared with 2008.
This analysis includes profiles of economic and housing market activity in each of HUD's 10 regions, and updates historical trends in national and regional housing markets. The title of this quarter's feature article is "RESPA Reform Takes Effect: Reducing Confusion and Costs for Mortgage Borrowers."
Download or order free print copies by phone at 800-245-2691, option 1.
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Key Findings

  • Single-family housing production indicators (permits, starts, and completions) declined during 2009, ranging from 24 to 36 percent below their 2008 levels. New home sales also fell.


  • A bright spot in 2009 was an increase in existing home sales, spurred by lower home prices and record-low mortgage interest rates and by a new first-time homebuyer tax credit.


  • Also in 2009, housing affordability improved and the FHA's share of the mortgage market increased during the past year.


  • Homeownership rates for the nation and for most groups declined in 2009.


  • During 2009, the multifamily (five or more units) housing sector weakened.


  • The housing sector component of GDP (residential fixed investment) declined in 2009, but by a slower rate than in 2008.



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