Mortgage News for the Week of September 20, 2019
Read the Latest Housing Market Data for the Philadelphia Region
Nationally, Existing Home Sales at Their Fastest Pace Since March 2018, Median Home Price Up 4.7%
Abington Lands in Money Magazine's 100 Best Places To Live in 2019
Abington Township ranks among the 100 best places to live in the United States, according to an annual analysis from Money Magazine.

The Montgomery County township  came in at number 74 , one of only two locations in Pennsylvania to make the list in 2019. Shadyside, in Pittsburgh, is ranked the 94th best place to live. Read more from Philly Voice .
Homeowner Equity Reaches All-Time High in Q2
Total home equity, not surprisingly, increased again in the second quarter of the year. CoreLogic's quarterly Homeowner Equity Insights report, which looks only at properties with one or more mortgages, puts the aggregate increase at $428 billion year-over-year,  a 4.8 percent gain. The company says that 63 percent of residential properties have a mortgage. Read more from Mortgage News Daily.
Home Flippers See Lowest Returns in 8 Years as Costs Rise
  • Investors flipped 59,876 single-family homes and condominiums in the second quarter of this year, down just over 5% compared with the same period a year ago, according to Attom Data Solutions. It defines a flip as a home bought and sold within a 12-month period.
  • The average gross profit on a flip was $62,700, which then translated into a 39.9% return on investment, after renovation and carrying costs. That is down from a 40.9% gross flipping return in the first quarter of this year and a 44.4% return in the second quarter of 2018.
  • Home flip lending volume was up 31% annually to a 13-year high in the second quarter of this year.
Mortgage Rate Update
Mortgage Rates Jump
(US Weekly Averages as of 9/19/2019)
Despite the rise in mortgage rates, economic data improved this week – particularly housing activity, which gained momentum with a noticeable rise in purchase demand and new construction. Homebuyers flocked to lenders with purchase applications, which were up fifteen percent from a year ago and residential construction permits increased twelve percent from a year ago to 1.4 million, the highest level in twelve years. While there was initially a slow response to the overall lower mortgage rate environment this year, it is clear that the housing market is finally improving due to the strong labor market and low mortgage rates.
We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.
Plymouth Meeting Office: 610.834.8700
Doylestown Office: 215.345.7600
Ocean City, NJ Office: 609.398.8600

Information and analysis is obtained through third parties and is deemed accurate but not guaranteed. Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.
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