Nationwide Residential Real Estate Market Data Analysis of Negative Equity
Project Information
Project ID:
FHWA-PROJ-19-0023
Project Abstract:
The purpose of the project was to determine the extent of nationwide residential real estate market value recovery since the historically unique 2008 real estate market crash. The results were to inform the FHWA determination of need to extend the Temporary Waiver of Methodology for Calculating a Replacement Housing Payment for Negative Equity (Waiver) beyond 12/31/2019.
The waiver of the 49 CFR 24 regulations had been implemented in 2009 as a result of the 2008 real estate market crash. The waiver had been implemented due to Agencies having to acquire residential owner occupied real property for Federal-aid highway projects where the principal amount of the mortgage at the time of the acquisition exceeded the fair market value of the real property, and the dollar for dollar impact the increased amount to acquire the property had on Replacement Housing Payment (RHP) eligibility for the homeowner occupants. The RHP bridges any gap between the just compensation paid for the property and the acquiring Agency’s determination of the amount needed for the displaced homeowner occupant to purchase replacement housing. The waiver alleviated the regulatory requirement of dollar for dollar reductions made in RHP eligibility that would have occurred as a result of the just compensation exceeding the fair market value. The waiver’s implementation avoided displaced homeowner occupants from experiencing circumstances of undue financial hardship that may have been caused as a result of their RHP being reduced
Project Status:
Completed
Project Funding Amount (Contract Award Amount):
$218,321.00
Start Date:
End Date:
Public Access Plan:
Yes
Grant/Contract ID:
- DTFH6117D00007
- 693JJ319F000110
FHWA Program Area:
- Planning, Environment, and Realty
Fiscal Year / AMRP Program / AMRP Activity:
- FY 2002-2022 / Planning, Environment, and Realty / Accelerating Project Delivery
- FY 2002-2022 / Planning, Environment, and Realty / Resiliency
FHWA Activity:
- Data and Analysis
AMRP = Annual Modal Research Plan
Contact Information
First Name:
Arnold
Last Name:
Feldman
Phone Number:
202-366-2028
Email Address:
Team:
Program Development Team
Office:
Office of Real Estate Services
Office Code:
HEPR-10
Management Organizations
Sponsor Organization
Organization Role:
Sponsor Organization
Organization:
Federal Highway Administration: Office of Planning, Environment, and Realty - Office of Real Estate Services
Contact Role:
Sponsor
Contact:
Managing Organization
Organization Role:
Sponsor Organization
Organization:
Federal Highway Administration: Office of Planning, Environment, and Realty - Office of Real Estate Services
Contact Role:
Sponsor
Performing Organization
Organization Role:
Sponsor Organization
Organization:
Federal Highway Administration: Office of Planning, Environment, and Realty - Office of Real Estate Services
Contact Role:
Sponsor