The loan amount is 80 percent of the home's Standard-quality new home as a proxy for costs Indexes of housingĪffordability measure costs of homeownership asĪ percentage of average household disposable The cost of homeownership strongly influences Raising concern about prospects for the housing Perceptible contraction in housing activity and By mid1987, however, some determinants of housingĬonstruction, especially fixed-rate mortgage interest rates, took a turn for the worse, causing The average annual rate of new-home salesĭuring 1983-86 jumped 60 percent from the relatively low 1981-82 rate resales of existing Million units per year in the 1981-82 period toĪlmost 1.75 million units during 1983-86 (chartġ). The pace of housing starts quickened from 1.1 Under the influence of these developments, Byīroadening the base of mortgage finance, securitization helped reduce housing's vulnerability to Securities has accelerated in recent years. Mortgages in the secondary market the "securitization" of many of these loans in the form ofīoth standard pass-throughs and new derivative
Also, lenders in the primary market, including thrift institutions, increasingly sold new Interest rates well below those of their fixed-rateĬounterparts-helped make housing more affordable. Mortgages (ARMs), which were offered at initial Homebuyers and investors aided the surge in Recovery were further marked by the robustĮconomic expansion and increases in construction in growing Sunbelt areas.
A rise in household formations similarlyīoosted construction activity. Tax laws, enacted in 1981, also stimulated theĬonstruction of housing, particularly of rental Lower mortgage rates and higher household income made housing more affordable, releasingĭemand pent up from previous years. Low of about half that amount in early 1987. Interest rates on conventional fixed-rate mortgages declined from theirġ981 high of more than 18 percent to a nine-year A confluence of positive movements in a wide range ofĮconomic and demographic factors fueled theīoom in construction. Housing construction rebounded strongly in the
Research and Statistics, wrote this article. Various bank holding company, bank service corporation, and bank merger orders List of "Bank Holding Companies and Subsidiary Banks as of December 31, 1986,"Īdmission of six state banks to membership Revised list of OTC stocks subject to margin regulations now available. The availability of liquidity to the financial
Angell, Member, Board of Governors, reviews the functioning and effectiveness of the small business and agricultural Advisory Councils to the Federal Truth in Lending Act to require creditors toĪbout home equity programs in advertisements and in initial account disclosureĬonsumer Affairs and Coinage of the Houseĩ13 Wayne D. Seger, Member, Board of Governors, discusses home equity lines of creditĪnd H.R. To assure that the financial system continues to serve public policy goals, before theĩ10 Martha R. That the Board hopes to be in a position toĪdvise the Congress on how best to implement the changes that are urgently needed Industrial production increased an estimated 0.2 percent in September.Īlan Greenspan, Chairman, Board of Governors, explores the structure of the financial services industry, with an emphasis onīanking and securities activities, and says Near-term outlook for the housing market. Informal structure of the Federal ReserveĪffairs and the Subcommittee on Procurement, Innovation, and Minority EnterpriseĨ93 HOUSING AND MORTGAGE MARKETS.THE POST-1982īoom in housing construction that followed Kyles.Ĭouncils have become a valuable part of the Thomas, and Publications Services supervised by Linda C. It is assisted by the Economic Editing Section headed by Mendelle T.īerenson, the Graphic Communications Section under the direction of Peter G. Opinions expressed except in official statements and signed articles. The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee.
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The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.īOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.
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