America's homeownership rate reached a new record-high of 69 percent in 2004. HUD worked with public agencies, private partners, nonprofit, faith-based, and community organizations to expand the availability of affordable housing, to improve structural and living conditions in HUD-insured and assisted rental housing projects, and to maintain a commitment to wider affordable rental housing opportunities. The Department led a major consumer advocacy initiative to reform outdated and needlessly complex regulatory requirements under the Real Estate Settlement Procedures Act (RESPA). Impetus was also given to sponsoring targeted programs that provided housing and other essential support to special need populations, such as the elderly, persons with disabilities, individuals with HIV/AIDS, and the homeless.
Housing prices peaked in early 2005 and began to decline in the following year. Increased foreclosure rates among U.S. homeowners led to a crisis that adversely effected home valuations and reverberated throughout the nation's mortgage markets, Wall Street hedge fund investments, and the industries of home building, real estate, retail home supply, and banking. The Housing and Economic Recovery Act of 2008 (HERA) strengthened and modernized the regulation of Fannie Mae and Freddie Mac (government-sponsored enterprises) and the Federal Home Loan Banks. It created a new program at FHA to help families save their homes from foreclosure and established the Neighborhood Stabilization Program with grants for stabilizing communities suffering from foreclosures and abandonment with the purchase and redevelopment of foreclosed and abandoned homes and residential properties.
Efforts to alleviate the stress on households and communities, caused by the foreclosure crisis and the recession, were extended in 2009 with passage of the American Recovery and Reinvestment Act, the Hearth Act, and Helping Families Save Their Homes Act.
PD&R’s research program produced significant analyses on a wide range of housing issues that reflected HUD’s priorities.
Research in 2000-2009
Assessment of the Loss of Housing for Non-Elderly People with Disabilities
The Long Term Effects of Housing Assistance on Self-Sufficiency: Final Report
Study of Multifamily Underwriting and the GSEs’ Role in the Multifamily Market
Barriers to Rehabilitation of Affordable Housing: Volume 1 Findings and Analysis
Moisture Problems in Manufactured Homes
National Evaluation of the Housing Opportunities for Persons with AIDS Program (HOPWA)
The Impact of CDBG Spending on Urban Neighborhoods
Analysis of State Qualified Allocation Plans for the Low-Income Housing Tax Credit Program
An Analysis of the Effects of the GSE Affordable Goals on Low- and Moderate-Income Families
Public-Sector Loans to Private-Sector Businesses: An Assessment of HUD-Supported Local Economic Development Lending Activities
Housing Choice Voucher Location Patterns: Implications For Participant And Neighborhood Welfare
Trends in Worst Case Needs for Housing, 1978 - 1999
Getting Lean: Assessing the Benefits of Lean Production in Factory Built Housing
Redistribution Effect of Introducing Census 2000 Data Into the CDBG Formula
Evaluation of the Mark-to-Market Program
What We Know About Mortgage Lending Discrimination in America
Homeownership Rate Differences Between Hispanics and Non-Hispanic Whites: Regional Variation at the County Level - Empirical Studies
Housing Tenure, Expenditure, and Satisfaction Across Hispanic, African-American, and White Households: Evidence from the American Housing Survey
Evolution of the U.S. Housing Finance System: A Historical Survey and Lessons For Emerging Mortgage Markets
An Analysis of FHA's Single-Family Insurance Program
Voucher Homeownership Study
Do We Know More Now? Trends In Public Knowledge, Support And Use Of Fair Housing Law
Neighborhood Effects in Mortgage Default Risk
Measuring Overcrowding in Housing
Hispanic Homeownership Reports
Case Studies of Vouchered-Out Assisted Properties
Study of Subdivision Requirements as a Regulatory Barrier
U.S. Rental Housing Characteristics: Supply, Vacancy, and Affordability
Rates of Foreclosure in Home and ADDI Programs
New Evidence on the Relationship Between Race and Mortgage Default: the Importance of Credit History Data
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