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Originations Drop YoY by Four Percent

Phil Hall
Sep 01, 2016

Nearly 1.9 million home loans were originated during the second quarter, a 26 percent increase from the first quarter’s two-year low but a four percent year-over-year drop, according to ATTOM Data Solutions (the new parent company of RealtyTrac). The year-over-year spill was blamed on a 12 percent year-over-year decrease in refinance originations; the refinance originations were also down in the first quarter.

On the flip side, purchase originations saw a one percent uptick from a year ago—marking the eighth consecutive quarter with an annual increase—while home equity line of credit (HELOC) originations were up five percent from a year earlier—marking the 17th consecutive quarter with an annual increase. The year-over-year HELOC activity level was particularly strong in Dallas (up 36 percent), Birmingham, Ala. (up 30 percent), Phoenix (up 28 percent), Sacramento (up 27 percent) and Seattle (up 25 percent).

“Homeowners are increasingly tapping the home equity that many have built up during the last four years of rapidly rising home prices,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile those rapidly rising prices are also locking some non-cash buyers out of red-hot but high-priced markets, resulting in weaker purchase loan originations in places like Denver, San Francisco, Portland and Dallas. On the other hand, more affordable markets such as Cleveland, Kansas City and Boise are posting double-digit increases in purchase loan originations.”

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