August 24, 2020
How impactful is the current refinance market in Monroe County? On page four of this month’s report you’ll see that 3541 is the total number of mortgages recorded through July 31st of this year. That number on July 31st of last year: 2557. Almost 1000 more mortgage recordings in 2020 so far. That’s a lot of refinancing. How does that compare to other recent years? During all of 2017 and 2018 there were 3472 and 3406 recorded mortgages, respectively.
There’s still plenty of opportunity though. From 2016 through 2019 I estimate that there were between 6000 and 7000 purchase transactions with first mortgage financing. Even with the 1000 additional mortgages this year, there’s still a lot of homeowners that will benefit from refinancing.
The chart on page seven compares recorded deeds through July to the same period last year. As you can see, after a big decline in May due to the pandemic, sale transactions recovered in June and July and are now comparable to the level of activity a year ago.
This year, through July, we helped 3331 people buy, sell or refinance their properties. We are grateful to all our clients for providing us with the opportunity to assist that many people reach personal and financial milestones.
Thank you so much!
~ John Bethell