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By Any Measure FHA's Role is Shrinking

Thursday, February 26, 2015

The Federal Housing Administration (FHA) saw its share of the mortgage market soar to 72 percent of all mortgages issued in 2008 as other lenders pulled back and FHA moved into one of the two roles it was designed to fill, as a counterforce providing access to credit when the private sector pulls back, typically because of economic stress. Since then that share has steadily declined and FHA is back down to around 15-17 percent.

In a recent entry in the National Association of Realtor's® Economist Commentaries, Ken Fears, NAR's Director of Regional Economics and Housing Finance, says that with the recent changes in FHA's insurance premiums it is worth reviewing the agency's impact on the market.  First, he says, unit volume as above is only one way to measure FHA's market share. It can be viewed as a share of:

 

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