The home buying frenzy that started in the second half of 2020 ended in 2022 mainly due to the rapid increases in mortgage rates. In November 2022, nationwide existing home sales decreased by 35.44 percent from the same month in 2021. Consequently, home price appreciations, driven by increased demand and limited supply, started to slow down across the nation. This report aims to analyze the reflection of these housing market dynamics in THDA’s loan production in the last five years, including years both before and after the COVID-19 pandemic. THDA’s loan production, which was experiencing a downward trend, reversed course in 2022. Following a robust loan production of 2018 and 2019, the first quarter of 2020 experienced a downward trend due to the pandemic’s impacts. In 2021, as the compounding effects of the pandemic continued, THDA dropped to the second lowest year of loan production of the last 10 years, behind 2014. In 2022, both the total number and dollar amount of loans funded were higher than the previous year, although the loan production was only half of the pre-pandemic level.

[February 2023]

Tennessee Home Loan Trends in 2021 (using HMDA data)

In 2021, mortgage activity for all applications, including home purchase, refinancing and home improvement in Tennessee increased, regardless of outcome. Both home purchase and refinance loan originations were 4% higher than the previous year. In 2020 and 2021, homeowners refinanced their previous mortgages to take advantage of low interest rates. Refinance loan originations in 2021 increased by 4% compared to 2020 despite the fact that non-cash-out refinancing declined by 12%. The primary reason for increased refinance loan volume was a nearly 50% increase in cash-out refinances in 2021, which was stimulated by low interest rates and increased equity caused by home price appreciation in recent years.

[December 2022]

Tennessee Housing Indicators

The Housing Indicators page aims to offer a clear snapshot of the state of housing in 108 Tennessee geographies, including the entire state, its 95 counties, the three geographic regions of the state, and its nine development districts.

[November 2022]

2021 Home Sales Data

Statewide, total home sales grew consecutively for the tenth year in 2021. With a final total of 138,305 homes sold, Tennessee experienced its most homes sold since THDA began receiving these data in 1992. The median home sold in Tennessee during 2021 was at a price of $283,410, which is the highest nominal median sales price in state history. This accounts for an eleventh consecutive year of growth in median home sales price.

[November 2022]

2021 Investments and Impacts Report

This report develops a comprehensive framework to estimate the economic impact of THDA activities in providing safe, sound, affordable housing options to households of low- and moderate-income. We reviewed THDA
programs, including loans and grants to determine the scope and monetary flows of each program’s activities.

[March 2022]

2021 Single Family Loan Program Report

This report examines THDA mortgage loan production for the 2021 calendar year, including the Great Choice, New Start, and GC97 Conventional programs, as well as the second loan companion program, Great Choice Plus. Each program provides an avenue to homeownership for households with moderate or low incomes. This report details characteristics of the properties, borrowers and loans for THDA single family homeownership programs.

[February 2022]

THDA 2020 Investments & Impacts

THDA administers a wide range of programs for families and individuals to help them locate and afford a place to call home. The Investments and Impacts report provides a comprehensive account of THDA's programs and activities during 2020. It also offers a more detailed geographic breakout of THDA activity by county and Congressional District.

[March 2021]

2020 THDA Mortgage Production Report

2020 loan production was THDA’s third highest year of production in the last 10 years. Despite challenging economic circumstances, THDA’s loan volume in 2020 exceeded the average of the previous decade. This loan production led to a funding of $537.7 million in first and second loans, a 25 percent decrease in total loan dollars.

[March 2021]

Actions to Overcome Impediments to Fair Housing for Tennessee Renters

Adverse phenomena experienced across Tennessee’s rental markets disproportionately impact individuals and households on the basis of membership in a protected class. The state of Tennessee has long been a leader in developing innovative approaches to rental housing. This brief – the fifth in a series of six examining fair housing issues in Tennessee – describes THDA’s continuing actions to expand fair housing choice in rental housing through careful deployment if its resources.

[March 2021]

Mortgage Delinquency and the Pandemic: An Update

Tennessee and the U.S. are facing two concurrent, but seemingly contradictory, trends in mortgage delinquency. The overall share of homeowners behind on their mortgage has shrunk markedly and consistently, having declined for six consecutive months, amounting to 34 percent of the initial increase caused by the pandemic. The share of severely delinquent borrowers, however, has barely rebounded from its pandemic peak, and when isolating to FHA borrowers, who tend to be lower-income, the data do not even show the beginnings of a possible recovery.

[February 2021]

Fair Housing Impacts of Utility Costs and Broadband Access

Though not immediately anticipated as a fair housing concern, equitable and affordable access to utilities and broadband can be important factors in housing stability for vulnerable populations. Utilities can have a great impact on housing affordability and health, while broadband is becoming increasingly important as jobs, schooling, and even medical care moves online. This brief – the fourth in a series of six examining fair housing issues in Tennessee – describes impediments to these essential services at both the household and community level and considers current initiatives by the State of Tennessee to overcome these barriers.

[February 2021]

Disparities in Housing Opportunity for those with Disabilities

Disability is the most common basis for Fair Housing Complaints. More than 15 percent of adult Tennesseans live with some kind of physical, cognitive or other type of disability. THDA is taking action to eliminate impediments to housing choice encountered by Tennesseans with disabilities. This brief – the third in a series of six examining fair housing issues in Tennessee – describes some of the impediments which limit housing choice for Tennesseans with a disability. The brief also describes THDA’s ongoing efforts to eliminate these barriers and increase the supply of housing that is accessible and affordable.

[February 2021]

2020 HOME Beneficiary Report

The 2019 - 2020 HOME Beneficiary Report provides information regarding HOME allocations received by the State of Tennessee, the activities completed with HOME funding and the households served by the HOME Program from July 1, 2019 through June 30, 2020.

[January 2021]

Tennessee Homeowners During the Pandemic: An End-of-Year Update

Months after the Covid-19 pandemic disrupted employment at historic rates, the full scope of its impact on Tennessee homeowners is still unknown--largely due to foreclosure moratoriums that remain in effect through January and February. Mortgage delinquency rates continue to trend downward in the last two months, while severe (90+ days) delinquency rates also appear to have peaked and are now trending downward.

[January 2021]

Racial Disparities in Home Mortgage Originations in Tennessee

THDA is taking action to eliminate racial disparities in home loan approval rates in Tennessee. Data show that Black Tennesseans face much greater loan denial rates than their White counterparts. This brief – the second in a series of six examining fair housing issues in Tennessee – quantifies the scale of this unequal access to credit. The brief also describes THDA’s ongoing efforts to close the racial gap in homeownership and loan denial rates.

[January 2021]

Fair Housing Perspectives

The purpose of this brief is to present a summary of the State’s AI research and Fair Housing Plan and to serve as an introduction to other briefs in a series examining fair housing issues in Tennessee. There will be six briefs in total; view the report for more on disability access, racial disparities, and findings from a THDA survey of Tennesseans.

[January 2021]