November 22, 2019 The rapid drop in interest rates beginning in late spring is the biggest surprise from 2019. A year ago, most financial gurus were predicting mortgage rates would be pushing 5% about now. I don’t recall anyone predicting then the drop of rates that actually occurred. The lesson is that we might want …
October 24, 2019 Lenders in Monroe County may be as busy now as they’ve been since 2013. Whether looking at the broader market (chart page 7) or a slightly narrower slice of mortgages securing loans in the conforming dollar range (charts pages 9 & 10), the increased volume is clearly shown. The third quarter mortgage …
September 26, 2019 Summer is {{technically}} over. Fall is beginning. And paying the November 10th installment of property taxes is right around the corner. Below is a recap I wrote a few years ago about how closings are prepared at this time of year. As we approach the due date, lenders require that the November …
August 9, 2019 Refinance orders continue to be a rising percentage of our own book of business. And with interest rates seemingly more likely to fall than rise in the short term, I won’t be surprised if this trend continues. Now is certainly a time to be paying attention to rates so that you will …
July 26, 2019 The number of recorded sale transactions in the 2nd quarter ended down considerably from a year ago (see graph page 13). The quarterly decline started modestly and accelerated in the month of June. In the first quarter, this year’s recording numbers showed a five percent increase over 2018. In April that positive …
June 15, 2019 It’s the middle of the home buying season. We’re all busy and juggling many transactions simultaneously. It’s a perfect time to remember to talk with your clients about wire fraud and business compromise email. Sorry for the buzz kill. Hardly a week goes by now that I don’t read a story about …
May 23, 2019 Four things worth knowing: 1. If you’re counting Multiple Listing Sales, the Bloomington Board of Realtors® reported closed sales through April 30th are identical to last year ─ 591 sales. 2. The same BBOR reports shows a year over year increase of 16.2% in the medium sales price and 10.8% in the …
April 17, 2019 Three things stand out to me after reviewing the recording statistics for the first quarter. First, none of us are as busy as we were six years ago, the last refi market. (chart page 7) Second, the purchase market is in its fourth consecutive year of steady volume. (chart page 13) …
March 13, 2019 February’s mortgage recordings held steady from January. The market is now showing signs of warming up, both figuratively and weather-wise. Year to year comparisons tell a different story. Mortgages securing between $50,000 and $500,000 are down about ten percent during the first two months of the year ─ 385 to 427 …
February 14, 2019 As always, the number of January transactions is low making it impossible to draw any conclusions about the health or direction of the market. The Polar Vortex undoubtedly affected the number of new transactions. Recorded mortgages were down about fourteen percent from a year ago. Deed recordings were down about seven …
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