March 2017 Mortgage Market Report

No doubt that the inventory of homes for sale is extremely tight. Most Realtors? that I talk with are scrambling trying to get offers in on properties as soon as they hit the market. It?s probable that some sellers are holding back knowing that their house will likely sell immediately and they?ll have to relocate quickly. Regardless though, during the first quarter the overall purchase market (as measured by recorded deeds) was up 7 ? % when compared to the first quarter of 2016. (chart page 13)

Where that increase in coming from is interesting. The state sales disclosure data base shows that the number of properties designated to be the buyer?s primary residence was the same this past quarter as the first quarter in 2016. (chart page 14) Properties not designated as the buyer?s primary residence however showed an increase of 35%. (chart page 15) So the overall market increase is coming from investment, commercial and vacant land transactions.

On a sour note, new foreclosures spiked to high level. (chart page 16) The reason for that is not clear. Nevertheless, it?s a trend to follow.

Were you ever wondering about which of our team members to contact about your transaction? No worries. We maintain a companywide email box. Everyone here has access to that inbox and it?s checked regularly throughout the day. When in doubt just send your email to:

customerservice@johnbtitle.com

March was a great month for our team. The average turn time for new Monroe County commitments was 3.73 days with 80% issued in four days or fewer. Our closing team issued sellers side closing statements two or more days prior to closing 96% of the time. We helped 368 people buy, sell or refinance their property.

~ John Bethell