Changes In Mortgages Since 2000

August 16, 2016

Home loan values have risen, down payment amounts have fluctuated, and condo buying has become more common since the start of the new millennium.

A study from Zillow Research found that, apart from a dip in 2011, home values have risen steadily over the last 16 years, reaching a median of $203,000 today. Low down payments of 10, five and even three percent were common a decade ago. Then the housing bubble burst, and low down payments were considered too risky for lenders. The rates have since made a comeback due to easier lending standards and very low interest rates.

In 2000, nearly 80 percent of newly mortgaged homes were single-family residences. Today, only 56.9 percent are single family. The rest are condos. The change may be due to the popularity of urban living.

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