Daily News | Home mortgage lending fell to the lowest level in two decades in early 2023
have contributed to stalling the country’s decade-long housing market boom and led to drops in residential lending, according to ATTOM.The first quarter of this year also was the eighth straight quarter of declining mortgage originations.
Winter is typically a slow time for home buying, “but the latest slide extends a run that started two years ago and has carved away nearly three-quarters of the home-mortgage business,” Rob Barber, chief executive officer at ATTOM, said in a statement. This year’s spring home-buying season — typically the busiest time of year — “will be a key indicator of whether things may turn around,” Barber said.
Lending in the Philadelphia metropolitan area dropped more than it did nationally from the first quarter of 2022 to the same period this year. New loans were down about 62%, according to ATTOM. Residential lending peaked in the region in spring 2004, when almost 119,000 mortgages were created. Originations in the first quarter of 2023 were down 75% from that peak.Total originations bottomed out at almost 24,000 in the first quarter of 2000. They were up 23% from that level in the first quarter of this year.
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