It's no secret than lending standards have been tighter since the Great Recession, which started at the hands of loose underwriting rules. But what's the true economic impact of those stricter standards?

A new paper from the Urban Institute, a bipartisan think tank, quantifies the impact as 6.3 million loans that failed to launch between 2009 and 2015. For example: If borrowers of all credit levels had had the same access to financing in 2015 that they had in 2001, the report says, lenders would have made 1.1 million more loans that year alone than they actually did.

Between 2001 and 2015, the decline in home loans was particularly acute for borrowers with credit scores below 660, which is considered decent these days. For those folks, the number of purchase loans dropped 65 percent, compared to a 20 percent decline in borrowers with scores from 660 to 700 and just 1.4 percent for those with scores above 700.

The "missing mortgages" don't just mean that millions of people were deprived of sharing in the wealth-building that usually comes with ownership, the institute says. It also means there were fewer construction jobs and fewer sales of the goods new owners typically purchase shortly after they move in.

Regulators are taking steps to expand access to credit. Although the rules won't stretch all the way back to how they were 15 years ago, the Urban Institute says that there is still much to be done. Otherwise, the impact of tight credit will reverberate throughout the economy for years to come.

Faucets are no longer simple plumbing fixtures that release hot and cold water in sinks, tubs and showers. These days, they have evolved into decorative centerpieces with innovative features and eco-friendly functionality.

At the big International Builders' Show set for early 2017 in Orlando, for example, Pfister will unveil the newest generations of faucet technology with features and designs that the world has never seen before.

Among the more than 100 new products the 100-year-old company will exhibit include a voice-controlled fixture for hands-free functionality, clear hand-crafted Italian glass faucets and fixtures, and new faucet technology that delivers both tap and filtered water from a single faucet.

Grohe will debut a hands-free faucet operated by a foot control to reduce the spread of germs. And in the bathroom, American Standard will show a self-cleaning toilet. Simply press a button and walk away, the company promises.

Back in the kitchen, Whirlpool's innovations department, WLabs, will introduce a small food recycler called the Zera. The device can turn a week's worth of food waste into compost for your plants within a 24-hour period.

According to Whirlpool, the typical family produces some 400 pounds of food waste per year. That stuff comprises roughly 20 percent of space in our landfills, and produces methane, a gas that contributes to global warning.

The new Trump administration should "incentivize" people to sell their homes, rather than fixate on timeworn policies to boost demand, says housing economist Ralph McLaughlin.

The market doesn't need buyers right now, the chief economist at Trulia explains. There are plenty of those to go around. But there aren't enough houses for sale to satisfy demand, so we'd be better to focus on boosting inventory.

Programs aimed at increasing the pool of buyers will simply lead to price increases, exasperating buyers on a budget, unless there are enough houses on the market to go around, he argues.

To encourage existing owners to sell and homebuilders to build, McLaughlin would reduce capital gains taxes on investors who snapped up single-family houses during the housing recession and increase tax rates on rental income.

"While home sales slowly recover to their pre-recession average, tight inventory continues to plague buyers and hold back growth," McLaughlin says, noting that there was a year-over-year 4.3 percent drop in the number of houses for sale in October. "If home sales are to drive up to their pre-recession levels, we'll need to see inventory continue to pick up, not fall."

The huge jump in telecommuting suggests that homebuilders should show at least one room in their floor plans as a private office.

According to Adam Artunian of John Burns Real Estate Consulting, 2 out of 5 new-home shoppers work at home at least one day a week, and 1 out of 4 who were born in the '60s and '70s work at home at least three days a week.

Most existing homes were not designed with this trend in mind, though some sellers have turned a bedroom or a living-room corner into a home office. But builders are uniquely able to do so, and that gives them a distinct advantage over resale houses.

The Burns company survey of more than 22,000 new-home shoppers found that a third want a formal office. Surprisingly, more younger buyers prefer a formal office than older ones. Alternatively, 1 in 4 homebuyers prefer an informal office connected to the family living area.

Either way, the majority of buyers said they will pay "a nice premium" for an additional small office area.

Says Artunian: At-home workers "need to escape their noisy children and barking dogs during the day. The opportunity to close the door when on a business call makes a big difference."

WASHINGTON -- Zoning has often been described as a necessary evil. While it is meant to promote order, the strict application of ordinances can render a property practically useless.

Consequently, the need arose for variances: exceptions that allow property owners to use their land or build on it in a way that is otherwise prohibited. Most jurisdictions allow doctors to see patients in their home offices, for example, or permit additions that come close to property lines.

Getting a variance -- essentially, approval to violate local law -- isn't automatic. But generally, as long as you meet a few conditions, you shouldn't have too much difficulty.

No two jurisdictions do things exactly alike. Some places will be tough to work with; others, downright easy. Still, there is enough similarity among the thousands of local rules to give you a fairly good idea of what hoops you can expect to jump through.

Prior to starting construction on any remodeling or home improvement project, no matter how small, you should first determine whether or not you will need a building permit. Surprisingly, a permit is required for practically everything you might want to do around the house -- even replacing a garage door.

Depending on where you live, your permit application may have to be approved by more than one local or state agency. At the same time, many enlightened jurisdictions offer one-stop "walk-through" systems in which a permit for most alterations and additions to a single-family residence can be obtained within a few hours.

That still doesn't relieve the applicant of all the legwork: Among other things, you'll probably have to provide your land/tax number, lot and block number, subdivision name, estimated construction cost, estimated starting and completion dates, and the license number of your contractor. Depending on your project, you may also need several complete sets of building plans, as well as numerous copies or your site and/or landscaping plan. And that's on top of the required filing fee, which may or may not be refundable if you are turned down.

The zoning office will review your plans to be certain your project conforms to specific restrictions regarding setback, height, frontage, lot size, lot coverage, density, parking and use. If you fail to meet any requirement, your application will be rejected and you will have to appeal -- for another fee -- to a higher authority for a variance.

Generally, dimensional variances are granted if the parcel meets several conditions: It is unusually narrow, shallow, oddly shaped, or has exceptional topographic conditions; a strict application of the law will result in undue hardship; or the variance will not substantially impair the integrity of the general plan for your area.

When applying for an exception, you'll have to provide a list of the names and addresses of adjoining property owners so they can be notified that you want to change your property in way that could affect theirs. In some cases, you might even be required to identify local citizens' groups so they can be contacted, too.

It makes no sense to try to hide what you plan to do from your neighbors, especially if there is a possibility someone will object. It's far better to clue them in early and win their support. Perhaps you even can persuade one or two to be with you at the hearing so they can voice their approval.

Similarly, if you misrepresent what you intend to do to zoning officials, you could be denied a use-and-occupancy permit when a final inspection reveals that, say, the oversized garage you want to build is really for servicing other cars, not just your own. Even if you manage to pass that hurdle, the government will find out what's going on when your neighbors start to complain about traffic and parking difficulties. And when that happens, which it will, you can be ordered to tear down your addition.

There are any number of uses for which a special exception may be granted. Generally, home-based livelihoods are allowed if they are performed entirely within the dwelling, incidental to the home's primary use, do not change the character or appearance of the dwelling and do not include the storage of merchandise to be sold.

It's when the proposed use will alter the residential character of the neighborhood -- by generating unwanted traffic, taking scarce parking spaces or creating objectionable noise, odors or sights -- that you are likely to encounter tough sledding. That's why many people within the ever-growing work-at-home movement, as well as increasing numbers of land use experts, believe zoning laws should focus more on the impact of a home-based business on its neighborhood, and less on compiling a list of "acceptable" occupations.

Until that debate is settled, it is again in your best interest to be open and above-board when applying for a use variance. You'll need all the support you can get, and going behind your neighbors' backs is not the way to gain it. It's also a good idea to try to anticipate the building department's questions and possible objections, and have your responses ready.

If you think you might run into trouble, you may want to hire a zoning attorney, who will not only prepare and present your case but also help you determine whether you need such expert witnesses as engineers, planners and real estate brokers.

Whether you have counsel or not, it will help your case to use maps, photographs and other visuals. And while zoning cases are supposed to heard on their merits -- no one case should set a precedent for another -- it won't hurt to show examples of similar exceptions that have already been granted in your neighborhood.

New-home buyers usually don't concern themselves with footings, framing, wiring, ventilation and the various and sundry mundane structural items that go into a house. Those things are the province of the home's builder.

But when you're turning your carport into a garage, extending your kitchen another five feet or adding a second story to your 15-year-old rambler, you are the builder. And as such, you have to pay close attention to your local building codes.

Building codes are a set of minimum design and construction requirements set forth to protect the public health, safety and welfare, and they're rooted in ancient history. Back in the 18th century B.C., for example, the Code of Hammurabi mandated death to the son of a builder whose building collapses and kills the son of the owner.

Today's codes don't carry such weighty penalties, but they are somewhat more encompassing. Generally, they cover structural design, foundations, exits, fire protection, sanitation and roofing, plus the electrical, plumbing and mechanical systems. Some even cover energy conservation.

Only 30 states have mandatory statewide codes, 19 of which allow local jurisdictions to make them tougher. The other 20 states rely on the jurisdictions within their borders to enact their own construction regulations.

The bottom line? If you're modifying the structure in any way, chances are, you'll need a permit. Perhaps even several. Worse, securing permits is often a time-consuming process, and an expensive one.

For one thing, you'll probably have to provide detailed construction drawings, maybe even multiple sets, and they might have to be drawn by a licensed architect. For another, all permits are assessed a fee based on the value of the improvements you are making.

Because of the extra time and money involved, some contractors will suggest that you secure the permit instead of them. Others will exhort you to skip the permit process entirely and get right to work. Neither is a very good idea.

While no jurisdiction will refuse to grant a permit to an owner-occupant who can prove he owns the house and lives in it, it normally doesn't cost any more if the contractor applies, and he can usually get in and out of the local building department a lot faster than you can.

Just as important, if you apply and say you are doing the work yourself, all you have to do is show your local building officials a tax bill or deed. But if the contractor applies, your local building officials will probably check to make sure his license is up to date and his liability insurance is in place.

Applying for a permit is also your assurance that your project will be done right, or at least up to minimum standards. Besides going over the plans before work begins and suggesting ways the job might be done better -- or perhaps even cheaper -- the local authorities will make periodic inspections to make sure the contractor is following the rules.

Some contractors argue that none of this is necessary, that they've forgotten more about construction than anyone on the government dole will ever know, that they don't want to hassle with fees and inspections, that dealing with local building officials is a bureaucratic nightmare.

"If you can't trust me," is a familiar refrain, "then you'd better hire someone else."

To a certain degree, the contractor-client relationship is built on trust. And while the head of the building department in some locales is also the guy who gives out dog licenses, it's best not to allow non-permitted work done to your house, especially if you know little or nothing about construction.

Besides the off-chance that non-permitted -- and, therefore, illegal -- work could fall down around you, there's also the possibility that if the local authorities get wind of what's been done, you could be required to rip everything out and start over.

What's more likely, though, is that you may not be able to sell a house on which structural work was done without a permit. Most states today require you to disclose such a material fact. If you ignore that law, you're still liable to be caught if your buyer is savvy enough to hire an independent home inspector to give the place a once-over.

Even if your buyer wants to proceed -- and assuming he can get a loan on a place that's not up to code, which is problematic in and of itself -- he's sure to demand a major price concession. And if an unsuspecting buyer doesn't find out until later that work was done without a permit, he can demand that the sale be rescinded and sue for damages.

NEXT WEEK: Special exceptions.