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How Housing Fares When a New President Takes Office

Bloomberg

Donald Trump's election in November triggered a rise in interest rates that is expected to continue this year. With talk of deregulation and privatizing Fannie Mae and Freddie Mac, the mortgage industry is waiting to see what other effects Trump will have on the housing sector after he takes office.

A new president's impact on the industry often depends on the economic situation he inherits, such as high inflation at the beginning of the Reagan administration and soaring foreclosures at the start of Obama's first term. Here's a rundown of how housing performed in the first years in office of the past six commanders in chief, based on data from Freddie Mac, the Mortgage Bankers Association and the National Association of Realtors.

Jimmy Carter Jimmy Carter

Annual Average Interest Rate for Conventional Conforming 30-Year Fixed-Rate Mortgage
1976: 8.87%
1977: 8.85%
Change: 2 basis points lower

Total Mortgage Origination Volume
1976: $112.78 billion
1977: $161.98 billion
Change: +43.6%

Median Price of Existing Single-Family Home
1976: $38,075
1977: $42,750
Change: +12.3%

90+ Day Delinquency Rate
1976: 0.55%
1977: 0.51%
Change: 4 basis points lower

Foreclosure Rate
1976: 0.69%
1977: 0.70%
Change: 1 basis point higher

Ronald Reagan Ronald Reagan

Annual Average Interest Rate for Conventional Conforming 30-Year Fixed-Rate Mortgage
1980: 13.74%
1981: 16.63%
Change: 289 basis points higher

Total Mortgage Origination Volume
1980: $133.76 billion
1981: $98.21 billion
Change: -26.6%

Median Price of Existing Single-Family Home
1980: $62,050
1981: $66,125
Change: +6.7%

90+ Day Delinquency Rate
1980: 0.62%
1981: 0.64%
Change: 2 basis points higher

Foreclosure Rate
1980: 0.58%
1981: 0.66%
Change: 8 basis points higher

George H.W. Bush George H.W. Bush

Annual Average Interest Rate for Conventional Conforming 30-Year Fixed-Rate Mortgage
1988: 10.34%
1989: 10.32%
Change: 2 basis points lower

Total Mortgage Origination Volume
1988: $446.26 billion
1989: $452.91 billion
Change: +1.5%

Median Price of Existing-Single Family Home
1988: $89,200
1989: $94,308
Change: +5.7%

90+ Day Delinquency Rate
1988: 0.83%
1989: 0.75%
Change: 8 basis points lower

Foreclosure Rate
1988: 1.07%
1989: 1.30%
Change: 23 basis points higher

Bill Clinton Bill Clinton

Annual Average Interest Rate for Conventional Conforming 30-Year Fixed-Rate Mortgage
1992: 8.39%
1993: 7.31%
Change: 108 basis points lower

Total Mortgage Origination Volume
1992: $893.68 billion
1993: $1.02 trillion
Change: +14.1%

Median Price of Existing Single-Family Home
1992: $105,050
1993: $108,250
Change: +3.0%

90+ Day Delinquency Rate
1992: 0.76%
1993: 0.75%
Change: 1 basis point lower

Foreclosure Rate
1992: 1.32%
1993: 1.26%
Change: 6 basis points lower

George W. Bush George W. Bush

Annual Average Interest Rate for Conventional Conforming 30-Year Fixed-Rate Mortgage
2000: 8.05%
2001: 6.97%
Change: 108 basis points lower

Total Mortgage Origination Volume
2000: $1.13 trillion
2001: $2.24 trillion
Change: +96.9%

Median Price of Existing Single-Family Home
2000: $146,008
2001: $154,508
Change: +5.8%

90+ Day Delinquency Rate
2000: 0.66%
2001: 0.83%
Change: 17 basis points higher

Foreclosure Rate
2000: 1.52%
2001: 1.79%
Change: 27 basis points higher

Barack Obama Barack Obama

Annual Average Interest Rate for Conventional Conforming 30-Year Fixed-Rate Mortgage
2008: 6.03%
2009: 5.04%
Change: 99 basis points lower

Total Mortgage Origination Volume
2008: $1.51 trillion
2009: $2.00 trillion
Change: +32.2%

Median Price of Existing Single-Family Home
2008: $195,775
2009: $172,492
Change: -11.9%

90+ Day Delinquency Rate
2008: 2.75%
2009: 4.62%
Change: 187 basis points higher

Foreclosure Rate
2008: 4.26%
2009: 5.37%
Change: 111 basis points higher