June 17, 2020
Mortgage transactions for the first five months of 2020 are up a whopping 62% over 2019 totals (1860 vs 1149 for mortgages securing loans between $75K & $510K). The refinancing increase is partially offset by the decline in purchase originations that showed up considerably in May.
I included a simple chart at the end of this month’s report that shows recorded deeds through May, comparing this year and last. The decline in May deed recordings, which reflects market activity in the prior four to six weeks is stark.
In our own book of business, new purchases picked up starting in early May but are still well below normal. Since Indiana adopted Stage 4 of the Governor’s COVID-19 reopening plan, we’ve seen another modest increase in new purchases.
The Monroe County Courthouse partially reopened with limited access earlier this week. We still have a few transactions that can not be completed without accessing their records. We’re confident that towards the end of June, those orders will be completed.
Thank you for your continued patience!
~ John Bethell