Jim Parrott
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Articles by Jim Parrott
Housing Policy in a 7% World
High interest rates are wreaking havoc on the housing market, making housing increasingly expensive and disrupting the pipeline of housing supply. The pressure on Washington to do something is intense, but, the authors argue, the popularity of demand-side solutions is sending policymakers the wrong signals.
The Good News and the Bad News About the New Housing Law
In recent years, the modular housing sector has seen a level of innovation that is badly needed in the construction industry, particularly for entry-level homes. Taken together, the changes could gradually turn manufactured housing from an often-maligned alternative into an attractive, affordable option for first-time home buyers. Another key provision in the law is the authorization of a small-dollar lending program. Roughly one in four homes in our country is valued under $200,000.
Opinion: The good news and the bad news about the new housing law
The 21st Century ROAD to Housing Act, the first major housing package to become law in decades — and passed with impressive bipartisan support — has the potential to put a real dent in the nation’s affordable housing shortage. The good news is that if carried out as intended, the law will break through a lot of the regulatory sludge holding back the construction industry.
The Good News and the Bad News About the New Housing Law
You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load. The 21st Century ROAD to Housing Act, the first major housing package to become law in decades — and passed with impressive bipartisan support — has the potential to put a real dent in the nation’s affordable housing shortage.
Jim Parrott and Jared Bernstein on what comes after the 21st Century ROAD to Housing Act
In an op-ed for The New York Times, Jim Parrott, a nonresident fellow at the Urban Institute, and coauthor Jared Bernstein write that the 21st Century ROAD to Housing Act has great promise when it comes to addressing the nation’s affordable housing shortage.
The Senate’s Surprising Move to Dissuade Investors from Building Rental Housing
The Senate has passed a meaningful bill to address the nation’s housing affordability problems. Clearing the chamber with overwhelming bipartisan support, the 21st Century ROAD to Housing Act would change a wide range of federal rules and increase funding to facilitate a wave of homebuilding, easing the shortfall that has led to a decade of rising home prices and rents. It would also, unfortunately, undermine an increasingly promising source for rental supply: the build-to-rent business.
The MBS Market is Operating without a Net
The agency mortgage-backed securities (MBS) market is without a buyer of last resort for the first time in more than a quarter of a century. Fannie Mae and Freddie Mac played the role before being placed into conservatorship in 2008 and were replaced by the Federal Reserve during its quantitative easing effort in the wake of the financial crisis.
Jim Parrott discusses why seniors aren’t selling their large homes
Seniors deciding to stay in larger homes may be contributing to the national housing shortage. In an op-ed for The Washington Post, Jim Parrott discusses why capital gains taxes may be preventing seniors from moving out of their larger homes. Because of these taxes, he says, manyseniors are choosing to remain in their homes for the rest of their lives so that their beneficiaries inherit the houses with a stepped-up tax basis, eliminating the taxable capital gains.
One reason so many seniors are staying in large homes
One reason so many seniors are staying in large homes (washingtonpost.com) One reason so many seniors are staying in large homes By Jim Parrott 2025092209453300 Homeownership is out of reach for many Americans, a situation driven primarily by a shortage of homes for sale that has driven up prices. One factor contributing to that scarcity: Older adults are staying put to avoid the tax bill that would come with selling, keeping millions of homes off the market.
Bringing the Housing Shortage Into Sharper Focus
Despite the attention the nation’s housing shortage is getting, there is remarkably little grasp of the scale or contours of the challenge. Estimates of the national shortage vary widely, and all suffer from a conflation of different parts of the housing market. The authors of this brief explain the variation in estimates and dig beneath the national numbers to assess the shortfall at the local level.
Fannie and Freddie’s Implicit Guarantee
Stories, Data Tools, Blogs Stories Data tools Urban Wire In their own words Data@Urban Critical Value podcast Evidence and Ideas for Change
Harris housing plan could solve the shortage of affordable homes - The Washington Post
By Jim Parrott and Mark Zandi August 21, 2024 at 6:00 a.m. EDT Jim Parrott is co-owner of Parrott Ryan Advisors and a nonresident fellow at the Urban Institute. Mark Zandi is chief economist of Moody’s Analytics. The cost of housing has rarely been higher or more painful for so many Americans. Since the pandemic hit, rents are up about 20 percent, forcing half of all renters to spend more than 30 percent of their monthly income on rent, the highest number on record.
The Federal Reserve should cut interest rates now - The Washington Post
Democracy Dies in Darkness Jim Parrott is co-owner of Parrott Ryan Advisors and a nonresident fellow at the Urban Institute. Mark Zandi is chief economist of Moody’s Analytics. It’s time for the Federal Reserve to declare victory in its war on inflation and cut interest rates.
How to solve the nation’s affordable housing crisis
CNN — The nation’s economy is doing remarkably well. Inflation is coming down, unemployment remains low and growth is robust. One glaring exception, however, is housing. According to the National Association of Realtors, it is more difficult for first-time buyers to purchase a home than at any time in two generations, short-circuiting the path to homeownership for millions, bogging down the housing market and hampering the nation’s economic growth.
Opinion: How to solve the nation’s affordable housing crisis Original
Editor’s Note: Jim Parrott is a non-resident fellow at the Urban Institute and co-owner of Parrott Ryan Advisors. Mark Zandi is chief economist of Moody’s Analytics. The views expressed in this commentary are their own. Read more opinion at CNN. The nation’s economy is doing remarkably well. Inflation is coming down, unemployment remains low and growth is robust. One glaring exception, however, is housing.
Opinion: Bank capital requirements would put squeeze on mortgage market
In September, the nation’s banking regulators released a proposal to increase the capital required of banks with more than $100 billion in assets. The effort was intended to decrease systemic risk, but by focusing narrowly on the risk posed by banks, it would likely increase risk in the mortgage market. The proposal would make it more expensive for large banks to hold, sell or service mortgages, reinforcing their now decade-long retreat from mortgage lending.
If policymakers are serious about tackling inflation, they need to address soaring housing costs
New homes are under construction in Mebane, N.C., in early January. Policymakers are going to have to help builders ramp up construction to close the gap. Persistently low inventory is a major factor in soaring home prices. (Gerry Broome/AP) Americans are feeling the sting of higher inflation for the first time in two generations, and they are rightly unhappy.
Housing Finance At A Glance: A Monthly Chartbook, December 2021
The December edition of At a Glance, the Housing Finance Policy Center's reference guide for mortgage and housing data, includes an overview of our work in 2021 and a special feature on loan level GSE credit data.
The FHA’s Annual Report, Its Financial Health, and How It Should Cut Pricing
The Federal Housing Administration released its 2021 financial report to Congress on November 15, 2021. Each year, its determination of the level of the Mutual Mortgage Insurance (MMI) Fund affects a wide range of decisions about how to price and manage its business. This year’s report shows an MMI capital ratio of 8.03 percent, a significant jump from its 2020 level of 6.1 percent and well above the statutory minimum.
Congress Must Address Causes of Housing Crisis
Jim Parrott & Mark Zandi CNN October 28, 2021 The nation faces a dramatic housing shortage, sending home prices and rents through the roof all over the country. The spike in housing costs is making it harder for some to buy their first home and for others to afford their rent, increasing demand for subsidized housing and widening the wealth gap between renters and homeowners.
Opinion: The housing crisis will continue if Congress fails to address its root cause Original
Jim Parrott is a non-resident fellow at the Urban Institute and co-owner of Parrott Ryan Advisors, which provides strategic advice on housing finance issues. Mark Zandi is chief economist of Moody's Analytics. The opinions expressed in this commentary are their own. (CNN)The nation faces a dramatic housing shortage, sending home prices and rents through the roof all over the country.
FACT CHECK: Viral Post Claims The ‘Infrastructure Bill On Page 2385’ Contains A 3% Federal Property Tax
An image shared on Facebook over 1,000 times claims the “‘infrastructure bill’ on page 2385” contains a 3 percent federal property tax. Verdict: False There is no mention of a 3 percent federal property tax in either the bipartisan infrastructure bill or the budget reconciliation package. Experts confirmed such a proposal is not present in either, as well.
Housing Finance At A Glance: A Monthly Chartbook, August 2021
The August edition of At a Glance, the Housing Finance Policy Center's reference guide for mortgage and housing market data, includes updated figures describing housing credit availability, serious delinquency rates, and mortgage insurance activity.
Housing Finance At A Glance: A Monthly Chartbook, June 2021
The June 2021 edition of At A Glance, the Housing Finance Policy Center’s reference guide for mortgage and housing market data, includes updated figures describing the value of the housing market, the refinance share of new issuances, and national home price appreciation.
Infrastructure's Important, But Housing Is More Imp
Jim Parrott & Mark Zandi CNN June 9, 2021 It is unnerving to see so little attention given to what may be the most critical infrastructure need of all: the nation's dire shortage of affordable housing. If Congress is to take overhauling infrastructure seriously, it has to tackle the shortfall. Read Full Article »
Opinion: The only way to resolve the nation's affordable housing crisis Original
Jim Parrott is a non-resident fellow at the Urban Institute and co-owner of Parrott Ryan Advisors, which provides strategic advice on housing finance issues. Mark Zandi is chief economist of Moody's Analytics. The opinions expressed in this commentary are their own. It is a relief to see policymakers finally focus in earnest on the nation's crumbling infrastructure.
Overcoming the Nation's Daunting Housing Supply Shortage
In this brief, the authors discuss the causes, scale and implications of the shortfall in housing supply. They argue that while it is a complex issue to address, doing so would improve housing affordability, leading to greater household savings, improved access to homeownership and more economic mobility.
We Can't Suspend Evictions & Foreclosures Forever
Jim Parrott & Laurie Goodman CNN March 29, 2021 As the coronavirus shuttered much of the nation's economy last year, policymakers imposed a moratorium on evictions and foreclosures to keep millions of families from losing their homes. As the nation's lockdown dragged on, they extended both, with the eviction moratorium now set to expire this week on March 31st, but likely to be extended again, and the foreclosure moratorium set to expire at the end of June. Read Full Article »
Opinion: We can't suspend evictions and foreclosures forever
Jim Parrott is non-resident fellow at the Urban Institute and co-owner of Parrott Ryan Advisors, which provides strategic advice on housing finance issues. Some of his clients are companies that make and service mortgages. Laurie Goodman is a vice president at the Urban Institute and director of its Housing Finance Policy Center. The opinions expressed in this commentary are their own.
Housing Finance At A Glance: A Monthly Chartbook, February 2021
The February 2021 edition of At A Glance, HFPC's reference guide for mortgage and housing market data, includes updated figures describing first lien origination volume, the share of loans in serious delinquency or foreclosure, spreads on GSE risk transfer securities, and a special feature on loan-level GSE credit data.
Opinion: Biden's stimulus plan can save millions of struggling renters Original
Jim Parrott is non-resident fellow at the Urban Institute and co-owner of Parrott Ryan Advisors, which provides strategic advice on housing finance issues. Mark Zandi is chief economist of Moody's Analytics. The opinions expressed in this commentary are their own. The United States is facing an eviction crisis, as millions of Americans struggling through the economic fallout from the coronavirus owe months of back rent that many can't possibly afford.
Averting an Eviction Crisis
In this brief, the authors summarize the size and impact of the wave of evictions that will follow the March expiration of the moratorium. They argue that while the steps that policymakers have taken to date have been helpful, they are not nearly enough given the scale and cost of the problem .
Perspective | Congress needs to provide eviction and mortgage relief now before the coming crisis
As the coronavirus pandemic rages on, tens of millions of Americans are struggling to remain in their homes. Congress acted forcefully in the spring to help strapped renters and homeowners, but that help is about to run out. More is needed, and fast. Through rental relief, a generous refinancing option and a first-time home buyer tax credit, low- and moderate-income households can get vital near-term help and a longer-term foothold in the middle class.
Housing Finance At A Glance: A Monthly Chartbook, November 2020
The November 2020 edition of At a Glance, the Housing Finance Policy Center's reference guide for mortgage and housing market data, includes updated figures describing the cash-out refinance share, effective guarantee fees charged on new acquisitions, loans in serious delinquency, and mortgage insurance activities.
Housing Finance At A Glance: A Monthly Chartbook, October 2020
The October 2020 edition of At A Glance, the Housing Finance Policy Center's reference guide for mortgage and housing market data, includes updated figures describing nonbank origination shares, housing credit availability, GSE risk-sharing transactions, and originator profitability. Housing Finance at a Glance: Monthly Chartbooks Archive
Perspective | Families need a lifeline, but Trump’s regulator tosses them an anchor
While Congress struggles to throw a critical lifeline to American families still suffering under the worst economic crisis the nation has seen in 100 years, the Trump administration has just thrown homeowners an anchor, instead. Late Wednesday, the regulator of the U.S. mortgage market, the Federal Housing Finance Agency, announced that it would impose a half-a-percent fee increase on all refinanced mortgages backed by mortgage giants Fannie Mae and Freddie Mac.
The Mortgage Market Has Caught the Virus
While the nation's housing and mortgage markets aren’t causing the broader economic disruption in this crisis, as they did in the last, they are suffering from its effects. The authors discuss how these markets are straining under the weight of the disruption, what policymakers should do about it and what longer term implications we should draw from the experience.
David Stevens: The FHFA's Epic Failure with COVID19
In this issue of the Institutional Risk Analyst, we feature a comment by David Stevens, CEO of Mountain Lake Consulting and former President and CEO of the Mortgage Bankers Association (MBA). Prior to assuming this position, Dave served as the Assistant Secretary for Housing and Federal Housing Commissioner at the U.S. Department of Housing and Urban Development (HUD).
Opinion: The Trump administration may turn a health crisis into a housing crisis
Mike Calhoun is the president of the Center for Responsible Lending. Jim Parrott is non-resident fellow at the Urban Institute and co-owner of Parrott Ryan Advisors, which provides strategic advice on housing finance issues. Some of his clients are companies that make and service mortgages. Mark Zandi is chief economist for Moody's Analytics. The opinions expressed in this commentary are their own.
Is Measure A right for Chico? | Pro vs. Con
Is Measure A a good thing for residents of Chico? We asked a proponent and an opponent of the measure to state their positions.
Is Measure A right for Chico? | Pro vs. Con
Is Measure A a good thing for residents of Chico? We asked a proponent and an opponent of the measure to state their positions.
Housing Finance At A Glance: A Monthly Chartbook, January 2020
The January 2020 edition of At A Glance, the Housing Finance Policy Center’s reference guide for mortgage and housing market data, includes updated figures describing the cash-out share of all refinances, mortgage credit availability across lending channels, debt-to-income ratios for purchase originations, and months of supply.
Ironing Out the Wrinkles of the Single Security
In this brief, the authors assess the move by Fannie Mae and Freddie Mac to a single security, called the Uniform Mortgage-Backed Security (UMBS). After discussing the purpose of the single security, the authors review its success to date, the challenges that remain, and a recent proposal by the Federal Housing Finance Agency (FHFA) to address those challenges. The authors also offer thoughts on how the FHFA might use a more market-oriented approach to address the challenges more effectively.
The conundrum that affordable housing poses for the nation
The nation is in the grip of an affordable-housing crisis. A severe shortage of homes for working-class and low-income families is pushing up house prices and rents across the country, putting homeownership increasingly out of reach for many Americans and making rents so high that it is all but impossible for renters to save. With the presidential election fast approaching, the candidates should explain what they plan to do about it.
The conundrum affordable housing poses for the nation
The nation is in the grip of an affordable housing crisis. A severe shortage of homes for working-class and low-income families is pushing up house prices and rents across the country, putting home ownership increasingly out of reach for many Americans and making rents so high that it is all but impossible for renters to save. With the presidential election fast-approaching, the candidates should explain what they plan to do about it.
The conundrum affordable housing poses for the nation
By Jared Bernstein, Jim Parrott and Mark Zandi January 2 at 6:30 AM The nation is in the grip of an affordable housing crisis. A severe shortage of homes for working-class and low-income families is pushing up house prices and rents across the country, putting homeownership increasingly out of reach for many Americans and making rents so high that it is all but impossible for renters to save.
Housing Finance At A Glance: A Monthly Chartbook, October 2019
The October 2019 edition of At A Glance, the Housing Finance Policy Center's reference guide for mortgage and housing market data, includes updated figures describing the refinance share by channel, nonbank origination shares, housing credit availability and originator profitability. Housing Finance at a Glance: Monthly Chartbooks Archive
Housing Finance At A Glance: A Monthly Chartbook, September 2019
The September 2019 edition of At A Glance, the Housing Finance Policy Center’s reference guide for mortgage and housing market data, includes updated figures describing the value and size of the US housing market, non-agency MBS issuance, national mortgage affordability and mortgage loans near or in negative equity.
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