Financing Homes in Southern California

Southland residents were more reluctant to take out new home loans last year than in 1991. They were not slow, however, to take advantage of lower interest rates. Nearly 41% more homeowners refinanced last year than in 1991.

New Home Loans Were Down . . .

Nearly 12% fewer people took out new home mortgages in Orange County last year than in the previous 12 months. Dollar amounts in billions:

New Loans, 1991 New Loans, 1992 County Number Value Number Value Orange 34,845 $6.4 30,754 $5.7 Los Angeles 84,695 14.9 76,277 13.3 San Bernardino 23,096 2.7 20,907 2.5 San Diego 31,527 4.8 30,339 4.7 Riverside 20,220 2.5 18,530 2.3 Total 194,383 31.3 176,807 28.5

. . . But Refinanced Loans Were Way Up

Nearly 53% more Orange County homeowners refinanced in 1992 than during 1991. Dollar amounts in billions:

Refinanced Loans, 1991 Refinanced Loans, 1992 County Number Value Number Value Orange 90,700 $11.3 138,534 $20.4 Los Angeles 254,975 30.3 346,330 48.9 San Bernardino 49,241 3.7 65,064 6.1 San Diego 80,874 8.4 124,276 15.2 Riverside 43,662 3.5 56,002 5.6 Total 519,452 57.2 730,206 96.2

Source: TRW REDI Property Data