I was recently reading South Florida Agent Magazine online, it is an industry publication for realtors, and I happened upon an article from Boston Agent Magazine whose headline read “New residential mortgages hit 14-yearh high.” It went on to say that a report from ATTOM Data Solutions showed that “Lenders issued $1.06 trillion worth of mortgages in the fourth quarter of 2020 – up 6% from the previous quarter and up 55% from a year ago — the largest quarterly amount since at least 2000, the report finds. The quarterly rate of increase in loans and dollar volume represented the largest gains during any fourth-quarter period since 2011.
The report found the boost in mortgage activity last quarter came mostly from another jump in refinance mortgages but noted the overall figure was also prompted by strong home-purchase lending and home equity lines of credit. In the fourth quarter of 2020 lenders refinanced 2.23 million home mortgages, 12% more than the previous quarter and 71% above the fourth quarter of 2019.”
Wow – those are big numbers, and they prove how active the nationwide housing market has become over the past year. More-congested cities like New York and Chicago are seeing movement out, with savvy investors swooping in to purchase lower-priced real estate while they can. Here in Miami, we are seeing prices escalate quickly as the demand for property increases. Regardless of COVID, people need places to live, so the real estate market remains busy, as demonstrated by a 14-year high number of new residential mortgages.
If you are looking to buy or sell a home anywhere in Miami, please call me at 305-798-8685, or visit my website at: Luxury Miami Real Estate
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
Consistently in the top 10 company-wide at BHHS EWM Realty for the past 15 years, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!