"ATTOM CEO Rob Barber said the market improvement was noteworthy but limited. Mortgage activity perked up a bit in the second quarter, but it's not a clear signal that the market has turned a corner, he said. The increase in purchase and refinance activity reflects some buyer and homeowner response to marginal rate improvements, but underlying affordability and economic uncertainty continue to hold the market in check. This was a typical spring bounce, not yet a breakout."
"Mortgage activity rose in 201 of 212 metropolitan areas analyzed by ATTOM. Indianapolis recorded the largest quarterly increase among major metro areas, up 70.8%. San Jose; Rochester, New York; Boston; and Buffalo, New York also posted large gains. Conversely, North Port-Sarasota, Florida; and Myrtle Beach, South Carolina, saw the sharpest declines. Purchase lending posts modest growth Purchase loans totaled just over 758,000 in the second quarter a 5% decline from the same period last year but an increase from the first quarter."
Total transactions from April through June rose 19.4% from the first quarter and 6.3% year over year, with $601.7 billion in loan volume up 22.8% from the prior quarter and 10.3% year over year. Purchase lending edged higher from Q1 but was down 5% year over year, totaling just over 758,000 loans. Refinance originations increased to 689,217 loans, a 16.4% quarterly gain and 23.8% year-over-year rise, accounting for 39.3% of originations. Activity increased across most metropolitan areas, with large surges in Indianapolis, San Jose, Rochester, Boston and Buffalo, while some Florida and coastal metros declined. Affordability constraints and economic uncertainty continue to limit a broader market breakout.
Read at www.housingwire.com
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