One of the things that make the buyer market this season viable are loans. Don't get me wrong - there's totally nothing wrong with it. Matter of fact, financing loans are one of the best options in paying for a home, especially for first time home buyers as there are lots of financing options readily available out there. But how do the numbers vary from one state to another? Let's take a look.
According to the National Association of Realtors (NAR), Existing home sales reached the highest level in 15 years in 2021. These are largely driven by record-low mortgage rates, which even reached at 3.1% last year, and a demand for more space at the time due to the COVID-19 pandemic.
American Home Shield analyzed home loan origination data from the Consumer Financial Protection Bureau (CFPB). The rate was determined by dividing the total number of primary mortgages originated in each state by the number of owner-occupied houses.
The top 10 states that took out the most home loans in 2021 are as follows, from Conventional, to FHA, FSA and VA loans:
Interestingly, the highest percentage of the VA loans by state were taken out in Alaska, at nearly a quarter of all loans originated, followed by Hawaii and Wyoming. All three states are somewhat geographically isolated from the rest of the country and have large U.S. military bases and significant veteran populations. Meanwhile, on the other end of the spectrum, New York, West Virginia, Mississippi, Pennsylvania and Vermont had the least number of home loans taken out last year.
What are your thoughts about these numbers? Let me know in the comments!
Comments (0)Subscribe to CommentsComment