According to ATTOM’s recently released Q4 2021 Residential Property Mortgage Origination Report, there were a total of 230,734 home-equity lines of credit (HELOCs) originated on residential properties in Q4 2021. That number was down 5.5 percent from 244,136 in Q3 2021 and down 4.2 percent from 240,857 in Q4 2020.
ATTOM’s latest mortgage origination report noted that in Q4 2021, HELOC activity dropped for the first time since Q1 2021. The report found that $45.6 billion fourth-quarter volume of HELOC loans was down 3 percent from Q3 2021 and 11 percent from Q4 2020.
The report also noted that HELOC mortgage originations decreased from Q3 to Q4 2021 in 68 percent of the metro areas analyzed. According to the Q4 2021 report, the largest decreases in metro areas with a population of at least 1 million were in Atlanta, GA (down 36.1 percent); San Antonio, TX (down 23.3 percent); Houston, TX (down 19.1 percent); Austin, TX (down 18.5 percent) and St. Louis, MO (down 15.9 percent).
In this post, we dive deeper into the data behind the ATTOM Q4 2021 mortgage origination report to unveil the complete list of the top 10 larger metros that saw the greatest decreases in HELOC mortgage originations in Q4 2021. Rounding out the top 10 metros among those with a population of at least one million, those remaining metros that saw the greatest decreases in HELOCs included: Pittsburgh, PA (down 15.7% percent); Virginia Beach-Norfolk-Newport News, VA-NC (down 14.6 percent); Jacksonville, FL (down 13.7 percent); Providence-Warwick, RI-MA (down 13.3 percent); and Richmond, VA (down 13.1 percent).
Also according to report, the biggest quarterly increases in HELOCs among metro areas with a population of at least 1 million in Q4 2021, were in Cleveland, OH (up 32.7 percent); Buffalo, NY (up 24.3 percent); Raleigh, NC (up 21.7 percent); Philadelphia, PA (up 13.5 percent) and Detroit, MI (up 10.6 percent).
In this post, again we dive deeper into the data behind the ATTOM Q4 2021 mortgage origination report to unveil the complete list of the top 10 larger metros that saw the greatest increases in HELOC mortgage originations in Q4 2021. Rounding out the top 10 metros among those with a population of at least one million, those remaining metros that saw the greatest increases in HELOCs included: Tucson, AZ (up 10.1 percent); Riverside-San Bernardino-Ontario, CA (up 8.2 percent); Sacramento–Roseville–Arden-Arcade, CA (up 8.1 percent); Cincinnati, OH-KY-IN (up 7.8 percent); and Charlotte-Concord-Gastonia, NC-SC (up 2.3 percent).
ATTOM’s latest residential property mortgage origination analysis also reported that purchase originations in Q4 2021 were down 11.3 percent from Q3 2021, although still up 2.8 percent from Q4 2020. According to the report, the $439 billion dollar volume of purchase loans in Q4 2021 was down 10 percent from $487.5 billion in Q3 2021, but up 14.1 percent from $384.6 billion in Q4 2020.
The report also noted that residential purchase-mortgage originations decreased from Q3 to Q4 2021 in 87 percent of the metro areas analyzed, with the largest quarterly decreases in Provo, UT (down 55.2 percent); Hickory-Lenoir, NC (down 54.1 percent); Huntsville, AL (down 53.5 percent); Sioux Falls, SD (down 51.5 percent) and Pittsburgh, PA (down 48.2 percent).
ATTOM’s report also stated that residential purchase-mortgage lending increased from Q3 2021 to Q4 2021 in 13 percent of the metros analyzed, led by Buffalo, NY (up 25.3 percent); Lakeland, FL (up 17.8 percent); Salt Lake City, UT (up 17.7 percent); Lafayette, IN (up 13.3 percent) and Brownsville, TX (up 11.7 percent).
Want to learn more about HELOC and other residential property mortgage origination trends in your area? Contact us to find out how!