First Quarter Conventional Purchase Mortgage Originations Real Slow!
We hear a lot about sales of existing homes stabilizing. The conventional mortgage data has yet to confirm that trend. The chart above shows monthly conventional mortgage originations for home purchases. New lows are seen for the first quarter of 2009.
Since a large proportion of home purchases are distress sales (foreclosed real estate owned by banks and short sales), purchasers of homes might be using their own cash or non conventional sources for home purchases.