70% YTD Increase in Oregon FHA SF Purchase Loans Helps Pump Total FHA Loan Volume to $22 Million Per Work Day.

I have prepared an Oregon statewide summary HERE of FHA single family loan volume for January and February, comparing loan volumes to the same period in CY 2009.

Observations:

• Actual closing dates for these Jan/Feb 2010 loans are likely from late last year--it takes some time to complete FHA insurance process on closed loans (but that lag is being reduced).
• Total FHA single family loans are up by 12% to 3,918. Total $$ for first two months of CY 2010 =$839 Million. (That's more than $22 million EACH work day [38 net workdays in Jan/Feb]).
  
• FHA purchase loan counts are up by 70% vs last year; loan purchase $$ are up by 67% because average purchase loan amounts have declined (and are now below $200k).
• HECM loan $$ are down by 37% or nearly $60 million; average loan amounts are down by more than $17,000.
• The count of HECM loans is down by 30%, likely because of lower loan to value limits for HECM loans.
• Refi loan volumes are down modestly, by 5%. I expect this decline may accelerate in the future.
  

Once March reports become available I will do a county quarterly breakout of CY 2010 FHA loans by county and loan type.

Originally created and posted on the Oregon Housing Blog.