IEmergent sees 18.3% decline in ’08 lending
An estimated 5.57 million mortgage purchase loans totaling $947 billion will be made this year, an 18.3 percent decline in dollars from 2007 and down 34 percent from 2006, according to projections from Des Moines, Iowa-based market forecaster iEmergent.
In its 2008 Mid-Year Mortgage Volume Forecasts, iEmergent projects refinance volume will range from a low of 5.4 million loans totaling $997 billion to up to 6.3 million loans valued at $1.16 billion.
The continued slide in loan volume reflects economic conditions, foreclosure levels, tighter underwriting standards, credit issues, capital constrictions, regulatory changes and legislative activity, which will push the mortgage industry’s recovery beyond 2009, said iEmergent founder and President Dennis Hedlund.
"The industry will not get back to ‘normal’ rates of purchase for loans until sometime in late 2010 or possibly even early 2012," Hudlund said — meaning lenders will need business plans that "maximize every dollar and grab market share in the most cost-effective manner possible."
To help lenders identify markets with the most potential, iEmergent configures county and community forecast tables in any combination of markets to reflect the market footprints of any type or size of mortgage lending firm. Lenders can use iEmergent’s data on loan volumes to assess mortgage lending opportunities and make business strategy and growth decisions in distinct markets, and estimate the strengths or weaknesses of their current positions.
Terabitz, Frontdoor partner on mobile search tools
Real estate technology company Terabitz and home search and marketing site Frontdoor have entered into a technology and content agreement that would give Frontdoor users access to a mobile-friendly search application and a map interface that displays services and amenities in proximity to individual for-sale homes.
Frontdoor’s mobile application, targeted at iPhone users, can be accessed at m.frontdoor.com. The map-based Neighborhood Explorer tool features schools, places of worship, restaurants, grocery stores and other types of surrounding amenities.
Relocation site teams with RealtyTrac, Terabitz
Relocation.com, a site that offers information about moving services, has announced marketing partnerships with foreclosure data source RealtyTrac and with real estate technology company Terabitz. Terabitz will integrate a Relocation.com tool that provides quotes on moving services, and Relocation.com users will gain accesses to Terabitz.com‘s local neighborhood information through an "Explore You Neighborhood" widget at the site, according to a company announcement.
RealtyTrac users will also integrate Relocation.com’s moving quotes and articles with moving information, while Reloation.com users will be able to view property information supplied by RealtyTrac.com at its Real Estate Channel section. "Foreclosure properties are becoming an increasingly important part of the real estate market," said Greg Hebner, Relocation.com CEO, in a statement.
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