Having a minute to reflect on the Real Estate Appraisal business I thought it would be interesting to see what the US Mortgage Origination numbers look like as compared to last year.
I went to YCharts.com and couldn't believe that the number of Loan Originations in the US is down over 50% from its high of 596.81B on December 31, 2012 as compared to December 31, 2013 with 293.00B Loan Originations.
As we know now, the decline was rather gradual until the 4th quarter of 2013. There are a number of factors that effect the mortgage industry but it was apparent that the reaction to buyer confidence during and after the Government shutdown in 2013 was severely negative. It should be noted that the weather, interest rates, and the Affordable Health Care Act were all participants in the overall negative atmosphere throughout the 4th quarter of 2013.
With this said, it appears buyer confidence is rebounding and the outlook for 2014 is bright!!
Important Notice on Flood Insurance From RI Statewide MLS
This week (week of March 3rd), we are anticipating an important vote on reform of the Biggert-Waters Flood Insurance Act of 2012. This is the law which has raised flood insurance premiums astronomically high for some property owners whose homes are found by FEMA to be in flood prone areas.
Barlow Real Estate Appraisal 16 East Washington Street, Suite 201 North Attleboro, MA 02760 Phone: 508-695-0155 Fax: 508-695-0166