Market Share Report – June 2015
July 27, 2015
We interrupt our regularly scheduled programing of compliance induced folderol for this important?message: People are actually buying and selling homes! In fact, they are buying and selling homes in?Monroe County at the fastest rate in seven years; a rate that is almost twenty percent better than the?second quarter of last year.
The chart on page 13 shows Monroe County sale transactions by quarter for the last eleven years. This?past quarter is the highest quarter since the third quarter of 2007. That?s thirty-one quarters!
What was going on in 2007? Well, the first iPhone was released; Bob Barker still hosted ?The Price Is?Right?; Miley Cyrus was better known as Hanna Montana; and we were debating the long term merits of?HD DVDs or Blu-Rays! We were also still underwriting mortgages using a mirror and the fog test; and?verifying incomes with ream sequences.
Also interesting to me are the charts on pages 14 and 15. Second quarter sales of properties not?intended to be the buyer?s primary residence (i.e. investment, commercial, vacant) peaked two years?ago in 2013. However they are still up almost 24% from quarter two of last year. Almost all of the?increase seems to be in the $200,000 and up range.
Sales of properties intended to be the buyer?s primary residence are up 17% from the same quarter last?year. These sales are at the highest level since the sales disclosure data became publicly available. The?increase is over a broader section of the pricing market than non-primary sales.
Total mortgage lending (chart page 7) while not near the refinancing induced peaks of 2009, 2012 and?2013, is still quite strong. And it?s up about 33% from quarter two of last year.
Finally, it looks like the level of foreclosures is stable. See the trend line on page 16. This is the lowest?level of new foreclosures since I began tracking them ten years ago.
We now return to our regularly scheduled program: TRID Compliance Truth or Consequences. Watch for?the October 3rd inaugural season premier!
~John Bethell
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