The title of my blog post today is not necessarily a big surprise but the magnitude of this drop may be surprising to you. My chart below shows the monthly Conventional loan originations (Purchase and Refinance combined) from January 2009 to April 2010. When comparing January 2009 to January 2010, you can really see how drastic the drop has been in Conventional loan originations.
In January 2009, there was 389,460 Conventional loans as compared with January 2010 at 260,326 loans. See the chart below.
We will monitor this and see what happens over the summer.