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Metro Atlanta mortgage activity jumps double digits in 2016

by Peter Thomas Ricci

mortgage-loan-officer-couple-shaking-hands

Overall mortgage activity is down in the Metro Atlanta housing market this year, but that only tells half the story, according to RealtyTrac’s Q1 2016 U.S. Residential Property Loan Origination Report.

Through the first quarter, RealtyTrac found, Atlanta lenders oversaw 34,104 originations, a 13 percent decline from 2015’s fourth quarter that is flat from Q1 2015. Breaking those numbers down more, though, provides some nuance to the declines:

  • Purchase loans were actually up in the first quarter. Totaling 14,916, they were up 12 percent year-over-year.
  • The true source of the overall decline was refinancings, which fell 13 percent year-over-year to 15,275.

Daren Blomquist, the senior vice president at RealtyTrac, commented in the report on a nationwide decline in refinancing activity.

“After a surprisingly strong 2015, the mortgage refinancing market started running out of steam in the first quarter of 2016, despite lower mortgage interest rates,” he said.

Click on the tabs below to compare Atlanta’s mortgage activity to that of other large metro areas:

Metro Area Total Originations – Q1 2016 QOQ Change YOY Change
Atlanta 34,104 -13% 0%
Chicago 45,982 -16% -13%
Dallas 38,472 -6% -1%
Denver 31,345 -14% -6%
Houston 25,081 -13% -16%
Los Angeles 69,412 -5% -12%
Miami 29,934 -9% 6%
Philadelphia 29,380 -22% -18%
New York 64,383 -13% -7%
Phoenix 35,699 -3% -7%
San Francisco 33,830 -10% -11%
Seattle 31,103 -6% -5%
Washington D.C. 41,706 -7% -10%
Metro Area Purchase Loans – Q1 2016 QOQ Change YOY Change
Atlanta 14,916 -17% 12%
Chicago 15,894 -24% 11%
Dallas 17,692 -13% 2%
Denver 9,235 -26% -1%
Houston 11,256 -19% -18%
Los Angeles 18,931 -14% 7%
Miami 13,172 -13% 8%
Philadelphia 8,853 -31% -4%
New York 19,527 -20% 9%
Phoenix 16,367 -5% 4%
San Francisco 7,094 -29% -2%
Seattle 10,025 -17% 3%
Washington D.C. 14,430 -15% 13%
Metro Area Refinancings – Q1 2016 QOQ Change YOY Change
Atlanta 15,275 -11% -13%
Chicago 22,389 -7% -26%
Dallas 17,404 2% -9%
Denver 14,916 -7% -16%
Houston 11,433 -3% -16%
Los Angeles 39,001 2% -23%
Miami 12,093 -3% 0%
Philadelphia 12,916 -18% -32%
New York 30,280 -9% -20%
Phoenix 15,232 0% -21%
San Francisco 18,845 -1% -21%
Seattle 14,512 2% -19%
Washington D.C. 20,338 1% -24%

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