As we plow ahead into a new year, we want to pause to recognize the year behind us. Of all the changes brought about by the pandemic, the unprecedented growth in the mortgage industry was certainly among the highlights in our nation’s economy.
American Financial Resources saw a 35% increase in loan volume in 2020, with the average loan amount eclipsing $200K for the first time in the company’s history. Considering AFR Wholesale specializes in specialized loans, including low down payment government programs, that statistic alone speaks volumes.
Redfin also reported remarkable growth year over year, including a 34% jump in pending homes sales.
“Going into the new year, it will truly be out with the old, because there will be very few homes from 2020 left on the market,” said Redfin chief economist Daryl Fairweather in a prepared statement.
To read more about the unprecedented year in home sales, check out this recap published by GlobeSt.com: Median Home Prices End Year with a 14% Jump.
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