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15 cities with the largest increase in mortgage lending since COVID-19 spread

15 cities with the largest increase in mortgage lending since COVID-19 spread

Monkey Business Images / Shutterstock.com Editor's note: This story originally appeared on Inspection Support Network.Much of the housing market made

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Senior couple signing mortgage paperwork
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Editor’s note: This story originally appeared on Inspection Support Network.

Much of the housing market made a forced pit stop during the March 2020 COVID-19 restrictions, but by that summer it was on track and turned red-hot. The upswing was contrary to conventional wisdom, and the pandemic-related silence in home sales that some experts expected never materialized.

The opposite happened; both mortgage applications and home sales in the U.S. increased in 2020, surpassing those of the pre-pandemic the year before by significant margins in many places.

Data from the National Association of Realtors show that although the pandemic put a dip in home sales in the first quarter of 2020, the recovery was enough to reach 2019 numbers; sales of existing homes in 2020 were 5.6% higher than 2019.

Data from the U.S. Census Bureau shows a similar trend for new home sales, which fell sharply in March and April 2020 before rising sharply at the end of 2020 and then recovering to more normal levels in 2021. This atypical jump in home sales – notable at any given time, much less so during a pandemic – was driven in part by historically low interest rates and the fact that all indications were that these rates would rise in the near future.

To determine the locations with the largest increase in mortgage lending since COVID-19 began distributing, researchers at the Inspection Support Network calculated the percentage change in mortgage applications from 2019 to 2020. The data used in this analysis are from the Federal Financial Institutions Examination Council’s Mortgage Disclosure Act. Only conventional home loan loans were considered.

Here are the U.S. metropolitan areas with the largest increases in mortgage lending since COVID-19 began to spread.

Jacksonville, FL

Jacksonville, Florida
ESB Professional / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 10.9%
  • Total change in mortgage applications (2019-2020): +2 151
  • Total mortgage applications (2020): 21 943
  • Total mortgage applications (2019): 19 792
  • Mortgage Approval Rate (2020): 85.6%
  • Mortgage Approval Rate (2019): 86.0%

14. Portland-Vancouver-Hillsboro, OR-WA

Aerial view of Portland with Mount Hood in the background.
josemaria-toscano / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 11.1%
  • Total change in mortgage applications (2019-2020): +3 514
  • Total mortgage applications (2020): 35 257
  • Total mortgage applications (2019): 31 743
  • Mortgage Approval Rate (2020): 92.2%
  • Mortgage Approval Rate (2019): 92.7%

13. Dallas-Fort Worth-Arlington, TX

Dallas Texas
Roschetzky Photography / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 11.1%
  • Total change in mortgage applications (2019-2020): +9 214
  • Total mortgage applications (2020): 92 310
  • Total mortgage applications (2019): 83 096
  • Mortgage Approval Rate (2020): 88.4%
  • Mortgage Approval Rate (2019): 89.0%

12. Nashville-Davidson – Murfreesboro – Franklin, TN

Nashville, Tennessee
jdross75 / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 11.2%
  • Total change in mortgage applications (2019-2020): +3 274
  • Total mortgage applications (2020): 32 464
  • Total mortgage applications (2019): 29 190
  • Mortgage Approval Rate (2020): 91.2%
  • Mortgage Approval Rate (2019): 91.9%

Louisville / Jefferson County, KY-IN

Louisville Kentucky
Sean Pavone / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 11.3%
  • Total change in mortgage applications (2019-2020): +1 694
  • Total mortgage applications (2020): 16 746
  • Total mortgage applications (2019): 15 052
  • Mortgage Approval Rate (2020): 89.5%
  • Mortgage Approval Rate (2019): 89.8%

San Antonio-New Braunfels, TX

San Antonio, Texas outdoors
Sean Pavone / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 11.3%
  • Total change in mortgage applications (2019-2020): +2 321
  • Total mortgage applications (2020): 22 883
  • Total mortgage applications (2019): 20 562
  • Mortgage Approval Rate (2020): 81.4%
  • Mortgage Approval Rate (2019): 82.6%

Birmingham-Hoover, AL

Birmingham, Alabama
Sean Pavone / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 12.4%
  • Total change in mortgage applications (2019-2020): +1 496
  • Total mortgage applications (2020): 13 515
  • Total mortgage applications (2019): 12 019
  • Mortgage Approval Rate (2020): 86.8%
  • Mortgage Approval Rate (2019): 88.8%

Kansas City, MO-KS

Topeka, Kansas
Jacob Boomsma / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 12.5%
  • Total change in mortgage applications (2019-2020): +3 344
  • Total mortgage applications (2020): 30 131
  • Total mortgage applications (2019): 26 787
  • Mortgage Approval Rate (2020): 93.4%
  • Mortgage Approval Rate (2019): 93.3%

Riverside-San Bernardino-Ontario, CA

Riverside California neighborhood
Matt Gush / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 13.3%
  • Total change in mortgage applications (2019-2020): +5 307
  • Total mortgage applications (2020): 45 066
  • Total mortgage applications (2019): 39 759
  • Mortgage Approval Rate (2020): 87.5%
  • Mortgage Approval Rate (2019): 88.3%

Oklahoma City, OK

Oklahoma City, Oklahoma Highways
Gerson Repreza / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 13.4%
  • Total change in mortgage applications (2019-2020): +2 005
  • Total mortgage applications (2020): 16 952
  • Total mortgage applications (2019): 14 947
  • Mortgage Approval Rate (2020): 87.9%
  • Mortgage Approval Rate (2019): 89.0%

5. Austin-Round Rock-Georgetown, TX

Austin, Texas
Roschetzky Photography / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 13.5%
  • Total change in mortgage applications (2019-2020): +4 863
  • Total mortgage applications (2020): 40 863
  • Total mortgage applications (2019): 36 000
  • Mortgage Approval Rate (2020): 88.2%
  • Mortgage Approval Rate (2019): 88.9%

Indianapolis-Carmel-Anderson, IN

Indianapolis
f11photo / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 13.9%
  • Total change in mortgage applications (2019-2020): +3 629
  • Total mortgage applications (2020): 29 794
  • Total mortgage applications (2019): 26 165
  • Mortgage Approval Rate (2020): 92.0%
  • Mortgage Approval Rate (2019): 92.5%

3. Baltimore-Columbia-Towson, MD

Baltimore, Maryland
Hethers / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 14.8%
  • Total change in mortgage applications (2019-2020): +3 957
  • Total mortgage applications (2020): 30 754
  • Total mortgage applications (2019): 26 797
  • Mortgage Approval Rate (2020): 91.1%
  • Mortgage Approval Rate (2019): 91.1%

Virginia Beach-Norfolk-Newport News, VA-NC

Virginia Beach Virginia Traffic
Khairil Azhar Junos / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 16.6%
  • Total change in mortgage applications (2019-2020): +2 373
  • Total mortgage applications (2020): 16 673
  • Total mortgage applications (2019): 14 300
  • Mortgage Approval Rate (2020): 90.8%
  • Mortgage Approval Rate (2019): 91.7%

Hartford East Hartford-Middletown, CT

Hartford, Connecticut
Sean Pavone / Shutterstock.com
  • Percentage change in mortgage applications (2019-2020): + 17.8%
  • Total change in mortgage applications (2019-2020): +1 892
  • Total mortgage applications (2020): 12 497
  • Total mortgage applications (2019): 10 605
  • Mortgage Approval Rate (2020): 91.9%
  • Mortgage Approval Rate (2019): 91.0%

Methodology

Man analyzing data on a laptop
fizkes / Shutterstock.com

The data used in this analysis are from the Federal Financial Institutions Examination Council’s Mortgage Disclosure Act. Only conventional home loan loans were considered. To determine the locations with the largest increase in mortgage lending since COVID-19 began to spread, researchers calculated the percentage change in mortgage applications from 2019 to 2020. In the event of a strike, the location with the largest total change in mortgage applications from 2019 to 2020 is ranked higher. To improve relevance, only metropolitan areas with at least 100,000 inhabitants were included.

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