Loan originations are up in Miami, which bodes well for the market after several months of declined sales.
In the second quarter of 2016, mortgage lenders in the city counted 5,305 new loan originations, 13 percent more than last quarter and 19 percent more than during the same period last year, according to a report from RealtyTrac. The increase marks a jump in demand.
| Q2 2015 | 4,462 |
|---|---|
| Q1 2016 | 4,680 |
| Q2 2016 | 5,305 |
| Q-o-Q Change | 13% |
| Y-o-Y Change | 19% |
Tracking originations from Miami’s peak in Q1 2006, they are down considerably (86 percent). But things have been worse. During the first quarter of 2010, originations in the city hit bottom , falling to 1,327 originations. In the years since, increases haven’t been consistent quarter over quarter, but the general direction of demand has been up. And as of this last quarter, originations are up 300 percent from bottom.
| Peak Total | 37,008 |
|---|---|
| Peak Quarter | Q1 2006 |
| Pct. Change from Peak | -86% |
| Bottom Total | 1,327 |
| Bottom Quarter | Q1 2010 |
| Pct. Change from Bottom | 300% |