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Nationwide Data analysis of the Housing Market

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Compare Closing LLC

For something as fundamental as real estate just relying on the national economic reports can be misleading especially when it is an analysis of the current loan application.

ATTOM Data Solutions’ reports match the real estate industry standard. They’re an essential requirement for anyone who wants precise data on the economy. And for a complete picture, you have to weigh the national data with the local data.

During the third quarter, the current mortgage lending report of ATTOM shows declines at a very fast pace.

The loans applications across the country saw the largest quarterly dip in over a year with an 8% drop from the previous quarter.

Locally, some places saw a drop and some saw a huge increase. Compared to Q3 of 2020 the U.S. year-over-year rose by 3%.

ATTOM’s analysis says, that it is the first time in more than 24 months that the total lending decreased in two consecutive quarters.

It was the first time since 2000 that lending activity went down both inQ2 and Q3, which otherwise are, peak buying seasons.

Todd Teta, the chief product officer at ATTOM said, that for many years the lenders were stacked with work that shrank in the third quarter across the U.S.

With more and more going easy on refinance and a drop in purchase lending also. There is a significant drop-off in home buying, suggesting a rapid slowdown in the housing market.

Local lenders like Steve Reed, of Benchmark Home Loans, pointed out that 2020 was very different the situation was different so it is not right to compare it with this year.

When compared to the pre-Covid era, this year shows lenders did good business in the strong housing market.

According to ATTOM’s analysis, during the third quarter, there were more than 4,500 new Tri-Cities loan originations. Even if the refinance applications outnumbered purchases but have shifted while loan originations are increasing.

Reference Source: Don Fenley

https://www.compareclosing.com/mortgagenews/nationwide-data-analysis-of-the-housing-market/


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