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Florida mortgage approvals soar in Q2 2011
Date:-01-Sep-2011
Florida mortgage approvals soar in Q2 2011
Home loans in the sunshine state have soared in recent months as more bargain hunters seek to take advantage of cheap home prices and record low interest rates, according to a survey of U.S. lenders from the Mortgage Bankers Association.
The research shows that Florida accounted for a high portion - around 20% - of all mortgage loans approved nationwide during the second quarter (Q2) of this year, illustrating higher demand for homes in Florida for sale.
A total of 34,250 more mortgages were issued to purchasers buying property in Florida in Q2 2011 compared to Q1. During the same period, there were 121,342 more home loans approved across the country than in Q1 2011.
Jay Brinkman, the association's chief economist, said the survey demonstrates that Florida housing market conditions are improving.
"I think this is the biggest sign of improvement in Florida,'' said Brinkman.
Confidence in the Florida property market is growing because property prices are no longer in free fall. Some experts actually expect prices in some parts of the state to increase moving forward, supported by cheap mortgage borrowing rates.
The interest rate on a fixed-rate, 30-year loan has dropped to under 4.2% - the lowest since Freddie Mac began surveying in 1971.
