Condo Mortgage Business – Poised for a Breakout


Posted To: MND NewsWire

Condominium loans represent only about 8 percent of total mortgages, a share that has remain fairly stable for several years. However, CoreLogic says they are poised to play a much larger role. Jacqueline Doty, writing in the company’s Insights blog, says the loans, which are overwhelmingly (80 percent) conventional, have enjoyed recent gains. The changes have been especially notable in the jumbo sector where there has been a steady increase of condo sales in the over $1 million price range since 2009. Sales of condos are especially hot in Washington D.C. where they represent 37 percent of the market and Hawaii at 42 percent and both are high-priced markets. Doty says the condo market has become tighter than ever with an average marketing time of 60 days, the shortest since CoreLogic started…(read more)

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