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Mortgage Loan Applications Increased (2019-2020) despite COVID-19

Much of the housing market made a forced pit stop during the COVID-19 lockdowns of March 2020, but by that summer it was on track and running red hot. The upswing ran contrary to conventional wisdom, and the pandemic-related lull 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, exceeding those of the pre-pandemic year prior by considerable margins in many locales.

Data from the National Association of Realtors shows that while COVID-19 put a dent in the first-quarter homes sales of 2020, the rebound was enough to top 2019 numbers; existing-home sales in 2020 were up 5.6% over 2019.

The analysis found that the Tullahoma-Manchester metro area experienced a 19.1% increase in mortgage loan applications between 2019 and 2020 with an approval rating of 86 percent. In the United States mortgage loan applications increased 9 percent. Here is a summary of the data for the Tullahoma-Manchester, TN metro area:

  • Percentage change in mortgage applications (2019-2020): +19.1%
  • Total change in mortgage applications (2019-2020): +143
  • Total mortgage applications (2020): 893
  • Total mortgage applications (2019): 750
  • Mortgage loan approval rate (2020): 86.2%
  • Mortgage loan approval rate (2019): 86.6%

For reference, here are the statistics for the entire United States:

  • Percentage change in mortgage applications (2019-2020): +9.0%
  • Total change in mortgage applications (2019-2020): +291,699
  • Total mortgage applications (2020): 3,521,044
  • Total mortgage applications (2019): 3,229,345
  • Mortgage loan approval rate (2020): 86.3%
  • Mortgage loan approval rate (2019): 86.6%
Lucky Knott

Lucky Knott

One of Southern Tennessee's most experienced and recognized news broadcasters and play-by-play sportscasters. Current General Manager Rooster 101.5 FM, 93.9 The Duck and Whiskey Country 105.1 and 95.9. He is currently the play-by-play voice of the Coffee County Red Raiders (28 years) on The Rooster 101.5 and can be heard M-F broadcasting our local news. Lucky has done play-by-play for 3,662 (and counting) sports events on Radio & TV. He also served 4 years as the Public Information Officer for the Coffee Co. Sheriff's Dept. and taught Radio/TV for 6 years at Grundy County High School.

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