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| Daren Blomquist |
IRVINE, Calif. –—
RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive
housing data, released its Q1 2016 U.S. Residential Property Loan Origination
Report, which shows 1.4 million (1,415,511) loans were originated on U.S.
residential properties (1 to 4 units) in the first quarter of 2016, down 12
percent from the previous quarter and down 8 percent from a year ago to the
lowest level since the first quarter of 2014.
The loan origination
report is derived from publicly recorded mortgages and deeds of trust collected
by RealtyTrac in more than 950 counties accounting for more than 80 percent of
the U.S. population.
The year-over-year
decrease in total originations was driven by a 20 percent year-over-year
decrease in refinance originations even while purchase originations increased 3
percent from a year ago and Home Equity Line of Credit (HELOC) originations
increased 10 percent from a year ago.
“After a surprisingly
strong 2015, the mortgage refi market started running out of steam in the first
quarter of 2016 despite lower mortgage interest rates,” said Daren Blomquist, senior vice president
at RealtyTrac.
“Meanwhile the purchase
loan market continued the pattern of slow-and-steady growth that it has been
following the past two years, and HELOC originations increased on a
year-over-year basis for the 16th consecutive quarter, showing that borrowers
are regaining both home value and the confidence needed to increasingly
leverage their home equity.”
For a
complete copy of the company’s news release, please contact:
Jennifer von Pohlmann
Sr. Public Relations
Manager
Office: 949.502.8300 ext
139
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