Condo/Co-op Originations up Strongly in 2nd Quarter

Posted To: MND NewsWire

There was a sizable increase in mortgage originations for condominiums and cooperatives in the second quarter of 2015. Purchase applications rose significantly but several other factors played an ever strong role. CoreLogic, in their October Market Pulse said that mortgage originations for the two property types rose 31 percent compared to the same quarter in 2014 - from $29.7 billion to $39 billion. Refinancing was responsible for much of the surge, rising by 65 percent in dollar volume while Home equity lines of credit (HELOCs) gained 29 percent. Purchase loans did well, gaining 13 percent to $19.6 billion, the highest level since the end of 2007 when the number hit $21.3 billion. There was another factor in play, CoreLogic Senior Economist Kristine Yao says, and that was a drop in cash sales...(read more)

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