HOUSINGNEWS REPORT
DATA IN ACTION
Highest Share of Co-Borrowers in High-Priced ‘Millennial-Magnet’ Markets
More borrowers purchasing a home are relying on “co-borrowers” to help them qualify for the loan, according to the ATTOM Data Solutions Q1 2017 U.S. Residential Property Loan Origination Report. Nearly 22 percent of all single family purchase originations in the first quarter had multiple, non-married co- borrowers on the loan, up from 20 percent a year ago.
“Throughout Southern California housing affordability continues to be a contributing cause supporting what has been viewed as an extremely tight available listing market year to date,” said Michael Mahon, president at First Team Real Estate, covering the Southern California market. “Increased competition amongst buyers for low available listing inventory and increasing multiple-offer scenarios are driving down use of leveraging mortgages in support of resale transactions while driving increased use of all-cash offers to gain acceptance over competing buyers.” Among the same 35 cities, those with the lowest share of non-married co- borrowers on single family homes purchased in the first quarter of 2017 were St. Louis, Missouri (4.9 percent); Memphis, Tennessee (10.3 percent); Atlanta, Georgia (10.4 percent); Mesa, Arizona (13.3 percent); and Tulsa, Oklahoma (13.7 percent).
Among 35 U.S. cities with at least 1,000 single family purchase originations in Q1 2017, those with the highest share of non-married co-borrowers were Miami, Florida (40.2 percent); Seattle, Washington (37.4 percent); San Diego, California (28.9 percent); Los Angeles, California (28.2 percent); and Portland, Oregon (27.7 percent).
Buying with Co-Borrowers in Q1 2017
Percent of Single Family Home Sales with Non-Married Co-Borrowers on Loan
4.9%
40.2%
Click on graphic to view interactive visual
JUNE 2017
ATTOM DATA SOLUTIONS • P21
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