October 16, 2020
Recorded mortgages during the third quarter continued at an amazingly strong pace. Fannie Mae recently predicted that by the end of the year, 2020 will be the best year on record for mortgage originations. Our local market shows the same signs. (chart pages 9 & 10)
The average Monroe County loan volume also continues to climb. (chart page 13) No doubt this is a factor of both increased borrowing power of low interest rates and also the significant appreciation of home values creating more equity for refinancers and higher prices for home buyers.
The Monroe County purchase market is only slightly behind last year. (chart page 17) If the fourth quarter deed recordings only equal 2019’s fourth quarter, the market, in the middle of a pandemic, will only be off about 4% from last year. Any improvement during the last quarter will completely erase the effect of the market slowdown in April and May.
In case you’re wondering, there is a reason the Foreclosure and Sheriff’s Deed charts are omitted from this and the previous report. Due to State and Federal COVID-19 related moratoriums and the Monroe County courthouse closing, no new foreclosures were started between late March and late August. Since then only five new foreclosures show up until September 30th. The last Sheriff’s sale conducted was in February. So, there’s nothing really to report.
September allowed us the privilege to help 540 people buy, sell or refinance their properties. Our title team in September averaged 6.2 days to issue new Monroe County title commitments. Our closing team produced seller side closing statements two or more days prior to closing in 89.2% of their transactions.
Finally, we are delighted for Amy Thomas, one of our Real Estate Closers, who yesterday received the Affiliate of the Year Award from the Bloomington Board of Realtors®. Amy’s commitment to making every closing an outstanding experience for our clients is clear to us every day. We are grateful that the BBOR membership chose to recognize Amy for her consistently exceptional efforts.
~ John Bethell