Defaults and pay downs reduced the total amount of outstanding mortgages financed by private securities to below $1 trillion for the first time since 2003, according to Amherst Securities.
The entire private-label market stood at $999.7 billion in July, down from $1.17 trillion one year ago. Over the last year, it declined an average 1.4% per month, according to Amherst.
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This is a good sign that the economy is slowly trying to come back in the housing market!
Until next time have a good week, Joe