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Hughes Shelton Group | Tampa Luxury RealtorsHughes Shelton Group | Tampa Luxury Realtors

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Hughes Shelton Group
Hughes Shelton Group
Tuesday, 18 April 2017 / Published in General, Housing Market, Investors, Local, Luxury, Mortgage, News, Real Estate, South Tampa, St Petersburg, Tampa Bay

Mortgage lenders optimistic about 2017

NEW YORK – April 12, 2017 – Continued economic improvement should give first-time homebuyers the boost they need to enter the market. In fact, about three in five independent mortgage lenders (59 percent) in a recent survey predict an increase in first-time homebuyers in 2017.

The prediction comes from The Lenders One Cooperative, a national alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products, in its second annual Lenders One Mortgage Barometer, a survey of 200 mortgage lending professionals.

Overall, a sizable majority of lenders (94 percent, up from 62 percent in 2016) expect to increase mortgage purchase production this year.

The optimism around first-time homebuyers aligns with a recent report from the National Association of Realtors® that found first-timers share grew year-to-year to its highest level since 2013.

However, many lenders predict some challenges to mortgage industry growth, with respondents seeing consumer debt as the highest risk factor this year (41 percent).

Growth opportunities

The populations most frequently cited as offering robust opportunity in 2017 include:

  • Generation X (86 percent)
  • Millennials (85 percent, up from 79 percent last year)
  • Nontraditional buyers – those in the rental and vacation home markets (84 percent, up from 70 percent last year)
  • Boomerang buyers – those people who can now qualify for a mortgage after undergoing a short sale, foreclosure or bankruptcy (83 percent, up from 68 percent last year)
  • Baby boomers (82 percent)

Strong jumbo loan activity

A large majority of lenders (93 percent) report that they already originate non-qualifying mortgage (non-QM) loans, and 91 percent expect a significant increase in jumbo loan origination volume in 2017.

Emerging trends

Given the growth of the sharing economy and services such as Airbnb, 82 percent of mortgage lending professionals anticipate an increase in people looking to finance larger homes to take advantage of rental incomes.

“Housing inventory remains limited and interest rates have increased sharply since the election,” says Bryan Binder, chief executive officer of Lenders One. “To be successful in this environment, lenders need to focus on the purchase market and innovation to replace lost refinancing volume. Lenders must also focus on tools and solutions to help them improve operating efficiencies within their businesses.”

© 2017 Florida Realtors

 

Tagged under: Best Performing Cities, Buyers, Coldwell Banker, Florida, Home Sales, Hughes Shelton Realtors, Market, Mortgages, News, Real Estate, sell, South Tampa, St Petersburg, Tampa, Tampa Bay
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Hughes Shelton Group | Tampa Luxury Realtors

Hughes Shelton Group is a team of real estate agents affiliated with compass, a licensed real estate broker and abides by equal housing opportunity laws. all material presented herein is intended for informational purposes only. information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. no statement is made as to accuracy of any description. all measurements and square footages are approximate. this is not intended to solicit property already listed. nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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