Living in sin? Miami tops list of non-married co-borrowers of new mortgages in Q1

Nationwide, mortgages were down 30% from the previous quarter and down 21% from a year ago

Miami /
May.May 25, 2017 01:30 PM

Miami tops the list of non-married co-borrowers taking out new residential real estate loans in the first quarter of this year, a new report shows.

Non-married co-borrowers accounted for 40.2 percent of single-family residential real estate loans in the first quarter of 2017, according to the U.S. Residential Property Loan Origination Report by ATTOM Data Solutions. Miami had the highest share of non-married borrowers among 35 cities, followed by Seattle at 37.4 percent, San Diego at 28.9 percent, Los Angeles at 28.2 percent and Portland at 27.7 percent.

Overall, non-married co-borrowers accounted for nearly 22 percent of new single-family purchase loans based on the data collected and analyzed by ATTOM.

For the United States overall, purchase origination loans were down 30 percent from the previous quarter and down 21 percent from a year ago, amid rising mortgage rates. Only about 1.4 million loans were originated on residential properties in the first quarter, and the total dollar volume of loan originations also dropped by 21 percent year-over-year, hitting a three-year low of $348 billion.

“Despite the sharp drop in purchase originations, there were some encouraging signs in the data that a larger share of first-time homebuyers participated in the housing market in the first quarter: the share of FHA buyers increased from the previous quarter after two consecutive quarters down, and the median down payment decreased following three consecutive quarters of increases,” said Daren Blomquist, senior vice president at ATTOM Data Solutions, in a statement.

Refinanced loans also hit a rocky ten-year low.

“Rising mortgage rates made qualifying for a home purchase more difficult and refinancing an existing home loan less attractive in the first quarter,” Blomquist said.


Related Articles

arrow_forward_ios
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
Frank Simone and Christina Pappas with the Miami skyline (Getty images)
Tighter lending standards foiling condo deals after Surfside collapse
Tighter lending standards foiling condo deals after Surfside collapse
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...