June 2016 Mortgage Report

July 26, 2016

The Monroe County purchase market in the second quarter turned in its best performance in ten years! Measured either by recorded deeds (+22%) or sales disclosures over $50K (+15%), the great recession seems completely behind us.

An interesting observation is that the mortgage volume (chart page 7) is essentially flat while the deed/transfer volume (chart page 12) has increased. I suspect that this is a result of the decline of refinancing this year compared to last.

I will add though that the number of cash deals we process continues to surprise me. The New York Times this week published a story suggesting that with resale inventory so low, buyers that can afford to pay cash now and plan to refinance later, have an advantage in the market. I wonder if any of that is occurring in Bloomington?

We appreciate your continued confidence in us during this busy time. Our front stage closing and customer service teams are working lots of overtime and meeting everyone?s time frames for ?consummation.? Our back stage title department is also rocking it! They?ve averaged three to four day turnaround time through most of the summer.

Let us know how we can help you!

~ John Bethell