Mortgage

DC a national leader in better-than-jumbo mortgages

Loans of $500,000 or more still prevalent, and gaining popularity, in some markets
  • More than a quarter of the mortgages in DC are for $500,000 or more.
  • In DC between 2012 and the end of 2014, 13,261 mortgages were for half a million or greater.
  • After taking out the top 10 states and DC, the other 39 states have 3 percent of the total of big mortgages.

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There is a well-documented shortage of housing for America’s lowest income households. Part of the exhaustive study on the economics of housing has also produced an avalanche of information about the exact opposite end of the housing spectrum: Those who have mortgages in excess of half a million dollars. The National Low Income Housing Coalition just released a study of the housing needs and disparities in this country. The number-crunchers looked at the 20 million mortgages that originated between 2012 and the end of 2014, and found that 5 percent of mortgages were beyond jumbo. In exact figures, that’s 989,456 mortgages for $500,000 and above. claffra / Shutterstock.com The report also points out that mortgage originations had slowed down after the most recent housing crisis, noting that mortgage originations declined by about 1 million from 2011 through 2013. However, mortgages larger than $500,000 increased by more than 23,000 from the earlier analysis. DC rank...