Although secondary market sales by bank mortgage banking platforms were down 8% in the fourth quarter, it still ranked as one of the busiest periods since early 2013. (Includes two data charts.)
Prior to the 2008 housing crisis, the supply of new housing units dipped below 1.25 million only once, in 1982. Following the crisis, the supply didn’t rise above 1.25 million until 2017.
Sales to Fannie and Freddie of refinance loans with private MI coverage rose 61.8% from the third to the fourth quarter last year. But the VA program remained the most refi-intensive sector.
A new reading on mortgage employment from the federal government was barely positive but interviews conducted by Inside Mortgage Trends suggests that plenty of lenders need workers.
A study by Zillow Research predicts that over the next two decades, more than a quarter of the nation’s currently owner-occupied homes are likely to hit the market. Places to feel the most impact will include retirement hubs.
A new paper published by Harvard University found that VA lending is strongest in areas near major military installations. Another finding: VA lending as a share of all mortgages has increased faster in places with higher concentrations of veterans or active-duty personnel.
Mortgage repurchases and indemnifications by banks and thrifts declined 22.6% from the second to the third quarter, and repurchase reserves fell to their lowest level ever. (Includes data chart.)
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