HOME-MORTGAGE LENDING ACROSS U.S. FALLS TO MORE THAN 20-YEAR LOW IN FIRST QUARTER

IRVINE, Calif. , June 1, 2023 /PRNewswire/ -- ATTOM , a leading curator of land, property, and real estate data , today released its first-quarter 2023 U.S. Residential Property Mortgage Origination Report, which shows that just 1.25 million mortgages secured by residential property (1 to 4 units) were originated in the first quarter of 2023 in the United States – the lowest point since late-2000. That figure was down 19 percent from the fourth quarter of 2022, marking the eighth quarterly decrease in a row. It also was down 56 percent from the first quarter of 2022 and 70 percent from a peak reached in the first quarter of 2021. The ongoing sharp decline in residential lending resulted from another round of downturns in both refinance and purchase loan activity as well as the second straight quarterly drop-off in home-equity lending. Lending activity contracted again as a slowdown in the 11-year U.S. housing market that started in the middle of last year stretched into 2023 amid elevated mortgage rates, consumer price inflation and other signs of economic uncertainty. To continue reading the rest of the article, please click on the source link below: https://www.investorsobserver.com/news/qm-pr/5243641672445312