Monthly Mortgage Market Share Archives

May 2019 Mortgage Market Share Report

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 a victim or almost victim of real estate wire fraud.

Here’s a short list of ways to help your clients avoid a disaster.

• Coach them to be vigilant and suspicious of any email or text communication that requests actions regarding their money.
• Ask them to verify any instructions that they did not receive in person. They should call to verify wire instructions by using trusted phone numbers from an independent source.
• Explain what your process is and what you will do or never do with regard to their closing funds.

John Bethell Title is reaching out to consumers early in the transaction to explain our process. We can use your help. The more voices that communicate about wire fraud, the more likely a disaster will be avoided.

In May we helped 523 people buy, sell or refinance their homes. We furnished seller side closing statements two or more days prior to closing in 90% of our transactions and averaged 4.6 days prior, overall. We issued title commitments covering Monroe County properties within four days of receiving the order 75% of the time and our average time was 3.81 days.

We appreciate the continued opportunity to help you and your clients through such an important event in their lives.

John Bethell Title will be closed for business Thursday and Friday, July 4th and 5th. Enjoy the summer!

~ John Bethell

April 2019 Mortgage Market Share Report

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 average sales prices.
3. If you’re counting recorded deeds, the market is almost identical thru May 10th at 793 to last year’s 787.
4. The Mortgage Bankers Association reports that rates are at their lowest since January 2018. This has not affected purchase volume but the number of refinances continues to grow modestly.

Last month we helped 395 people buy, sell or refinance their home. Our closing team provided seller side closing statements two or more days prior to closing in 90% of our transactions and overall averaged 4.0 days before closing. Our title team issued title commitments for new Monroe County orders within 4 days in 76% of our transactions and averaged 3.98 days. We appreciate the opportunity to help you and your clients!

~ John Bethell

March 2019 Mortgage Market Share Report

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) Third, the lower price sector for non-residential property, mostly lots and land, is more active than last year. But property to be used as a primary residence is showing valuation increases. (charts pages 14 & 15)

With interest rates at 15 month lows, the second quarter is positioned to be remarkably similar to the last three years. I also noticed more vacant lot sales than in recent years. They’re mostly in Ellettsville or property platted some time ago.

After finally getting our internal reporting squared away, I am delighted to confirm what I was sure that I knew. Our team continues to do great work. In March we issued title commitments in four or fewer days from receiving the order 89% of the time. Our closing team provided seller side closing statements two or more days prior to closing for 91% of our transactions. We helped 343 people buy, sell or refinance their properties.

May 7th will mark one year since we relocated to our new office. We truly enjoyed being able to focus solely on the title business this past winter. We improved our capabilities through training and fine tuning our internal workflow. I am proud of what we accomplished and you will be experiencing the benefits as we head into the spring home buying season.

Enjoy the warming (finally!) weather!

 

~ John Bethell

February 2019 Mortgage Market Share Report

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 last year. February’s 30 year commitment rate for Freddie Mac was the lowest in 13 months, so it appears that interest rates are not a factor of the lower demand.

Monroe County deed recordings are down slightly ─ 263 to 276, almost five percent. Our own book of business shows cash deals holding steady at about one-third of all purchase transactions.

All of these indicators are consistent with national predictions that the market would be down slightly in the first. Those reports also predict a rebound in the second half of 2019 {{crossed fingers}}.  Our own order pipeline is showing a significant increase in expected closing over the next 45 days.

After April, making more accurate conclusions about the strength and direction of the market will be easier.

The Monroe County 2018 pay in 2019 taxes will be official March 23rd. We’ll begin using those new amounts for pro-rations that day. Our title team will be updating your outstanding orders throughout the next few weeks.

Enjoy the forthcoming spring!

 

~ John Bethell

Mortgage Market Share Report January 2019

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 percent. Our own book of business shows a significant increase in the percentage of cash deals when compared to January 2018. This is consistent with what the recording numbers show.

New taxes will be showing up most likely before our next report. We will notify you when the new rates are official.

Last month our title team’s average production time for new Monroe County commitments was 3.8 business days. Our closing team is also doing well. Some internal changes are making the collecting of their data more cumbersome. We’re trying to find a work around. Stay tuned.

I hope that 2019 is off to a great start for you!  Here’s wishing it will be your best year ever, so far!

 

~ John Bethell