Period numbers down
By admin | July 3, 2007
Fewer Americans are taking advantage of FHA Loans from the previous year. In FHA Lending from October of 2006 to May of 2007 the FHA has seen a 35% declining in the number of loans insured over the same time frame from the previous year. During this period the FHA insured $2.33 billion in loans where the previous year saw $3.56 billion.
There was also a drop in refinancing activity where they saw a 45% decrease in volume. There we saw a drop of $1.44 billion from $2.61 billion.
The FHA continues to lose market share to a variety of aggressive capital providers. “They’re struggling,” said Mark Ragsdale, senior vice president of originations at PNC MultiFamily Capital. “There’s still a great role for them, and they still have great programs; they just have to work on their execution.”
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