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Conventional Loans Take 76% Market Share, Highest Since 2008

Fannie Mae and Freddie Mac are running away with new home financing. The National Association of Home Builders (NAHB) estimates that conventional loans were behind 76.3 percent of all new home sales in the second quarter of the year. David Logan, writing in the NAHB Eye on Housing Blog, says this is the largest share those loans have held since the beginning of the Great Recession in 2008. It was 5.1 percentage points higher than the conventional loan share in Q1 and 9.5 points more than in the second quarter of 2020. The growth in conventional lending was largely at the expensive of FHA. Those loans financed 12.1 percent of new home sales in Q2, down 6.7 points from the previous quarter and 8.3 points year-over-year. Logan said that the four-quarter moving average in the FHA share had been moving higher since Q3 2018, however, the second quarter data depressed that average by 1.1 point.


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