Mortgage Blog

Closed 5 Purchase loans in June

July 2nd, 2023 2:43 PM by Eric Fang

Yes, the business was pretty good. All 5 loans were purchase loans. Those purchases were from Miami FL, Austin TX, San Francisco, Fremont and San Diego. And also for most cities of California, the house prices went up. There are a few reasons:

1)Most of owners locked very low interest rates. They do not have incentive to move up(sell the current property, and buy a big one).So the inventory is low.

2)Labor and Material cost went up

3)The stock market went up(people has lots of money in the market)

4)People's salary went up around 15% to 25% for the past two years.

5)Because of the tight job market, not much foreclosure yet.

Posted by Eric Fang on July 2nd, 2023 2:43 PM



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