Q4 Mortgage Median Down Payment 7.1% (Same As Peak Flipping Year Of 2005)

This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission.

The median down payment for a US residential mortgage was 7.1% as of Q4 2017

median_down_payment_Q4_2017 (1).png

According to Attom, the median down payment increases 20 percent from year ago
The median down payment on single family homes and condos purchased with financing in Q4 2017 was $18,000, down from a record high $19,100 in the previous quarter but up 20 percent from $14,950 in Q4 2016.

The median down payment of $18,000 was 7.1 percent of the median sales price of the homes purchased with financing during the quarter, down from a four-year high OF 7.3 percent in the previous quarter but still up from 6.2 percent in Q4 2016.

“The median down payment in the greater Seattle area of 14.1 percent is twice the national average and continuing to rise,” said Matthew Gardner, chief economist at Windermere Real Estate covering Seattle. “This is good news for homeowners in our market as it provides them with a layer of protection should home prices see a downturn in the future.”

Among 143 metropolitan statistical areas analyzed for down payments, those with the biggest median down payments were San Jose, California ($268,000); San Francisco, California ($174,500); Santa Rosa, California ($123,450); Los Angeles, California ($119,800); and Ventura, California ($107,000).

Hey buddy, can you spare a quarter of a million dollars for a down payment in San Jose?

This coindices with the peak quarters of the US home flipping in late 2005.

home_flips_historical_2017

As of Q4 2017, Wells Fargo continues to be the leader in mortgage purchase originations with Quicken Loans being the leader in mortgage refis.

Top_Originators

Quicken has Rocket Mortgage. Wells Fargo has Wells Fargo Express!!~

WF-Wagon_Story_03_1440x581

Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I am a contractor for Money Map Press, publisher of Money Morning, Sure Money, and other information products. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. In some cases I receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

Leave a Reply