* Loan originations declined to the lowest point since Nov. 2008 (down 60% Y/Y)
* Property sales remained relatively strong (total year 2013 was up 8.4% from 2012), supported by increased cash purchases (which accounted for more than 40% of Q4 sales)
* HARP origination volume has declined significantly (down 70% Y/Y), with fewer existing loans now eligible for the program: approx. 709K vs. 2.3M in Jan. 2013
* Home equity lending in 2013 was up 26% vs. 2012, but it’s still down over 90% from 2006
* HELOC performance in recent vintages is pristine (delinquency rates on HELOCs originated over the past 4 years have averaged just 0.1%), but new problem loan rates continue to rise for older lines that have begun to amortize (up 27% Y/Y)
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