Uncle Sam IS the Mortgage Market
A few other markers of continued troubles in the housing market for you:
First, Zillow reports 23% of homeowners with mortgages were underwater during the first quarter. Nearly one-third of homes sold in March sold for less than the sellers paid
In the first quarter, 96.5% of all new mortgages written were backed by either Fannie Mae, Freddie Mac or the Federal Housing Administration. A trend that’s been in place since the top of the housing bubble in 2006 has reached its logical conclusion.
The mortgage market in the US has been effectively nationalized.