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Midstate home loans on the rise

Home loans in the Harrisburg area and Lancaster County exceeded national trends in the second quarter, according to California-based RealtyTrac.

Harrisburg-area home loans jumped 40 percent in the second quarter compared with the first, while Lancaster County posted 32 percent quarter-over-quarter growth.

Across the country, loan originations increased 22 percent in the second quarter, according to RealtyTrac.

“The rise in loan originations particularly the sharp rise in FHA purchase originations, indicates the FHA premium reduction at the end of January really is having a big impact, pushing people off the fence to purchase,” said Daren Blomquist, RealtyTrac’s vice president.

For the year, total home loans increased 7 percent in the Harrisburg-Carlisle metropolitan area and 12 percent in Lancaster County, according to RealtyTrac. Nationally, the growth rate in the second quarter was 23 percent compared with the same quarter a year ago.

Second-quarter loan totals in the midstate were the highest since the third quarter of 2013.

Of the 3,395 total loans in Harrisburg-Carlisle, purchase loans totaled 1,529 in the second quarter, according to RealtyTrac. That was up 63 percent from the first quarter and 15 percent for the year.

In Lancaster County, 1,301 of the 4,133 total loans were purchase loans. That was up 52 percent from the first quarter and 5 percent for the year.

Refinancing accounted for 1,866 loans in Harrisburg-Carlisle, a 25 percent quarterly increase but only up 1 percent for the year. In Lancaster County, that total was 2,832, which was up 25 percent from the first quarter and 15 percent for the year, according to RealtyTrac.

The data looked only at metro areas with populations greater than 500,000 people.

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