Nationwide Housing and Mortgage News
There are retail banks out there who are going through massive hiring phases in order to bone-up their respective loan origination staffs. CNN Money reported this week that banks such as JPMorgan Chase are hiring 1,200 mortgage officers and Citizens Bank isn’t far behind. What does this mean for housing and mortgage? Rates are still historically low and new home sales are at an equal low. Banks are apparently focused on shifting mortgage lending to branch-based models where the loan origination staff meets personally with applicants, a model that’s shown a lower default rate than centrally-processed loans. This is good news for the qualified buyers in the market – you’ll soon have more neighborhood lending solutions. Experts don’t see any changes in the housing market for the foreseeable future, but they do anticipate a rise in home sales over the coming two year window.
And if you’re curious about how cities around the nation are performing in the current economy, check out America’s most recession-proof cities. Texas boasts six of the 21 spots on the list and alas, Colorado locales have been left off the list entirely. Unemployment rates are still on the rise, so we’re wondering what this means in both the long- and short-term for the American homeowner. Cities can still thrive while employment decreases. Perhaps its a sign of the need for a focus shift in our work force?
As always, we invite you to have a look at our Local Events Calendar. We keep it updated in the hopes that we’ll run into you one of these days out and about town! Summer’s here in full force, so stay cool and we’ll see you next week!
The Staff at San Juan Realty, Inc.
Tags: housing news, mortgage
