2021 SPRING CONFERENCE

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Mortgage and Housing April 2019

The housing market seems to be the last remaining sector of the economy to fully recognize the impact of the current strong economic growth trends. Mortgage balances remain steady over the past year at $9.1 Trillion, ending 2018 at a level unchanged from the end of 2017. The first quarter of 2019 showed home sales off 5.4% over the prior year, but demand for mid-priced homes and a reduction in days on market from 44 days to 36 days at the end of February 2019 may show a resurgence in home sales for the balance of 2019. With home values increasing over the past decade since the housing crash, consumers are once again turning their newfound equity into cash with 83% of conventional home REFI’s originated as cash out loans.