The latest report from the National Association of Realtors shows that Realtors continue to see improvements made on home closings nearly two years after the TILA-RESPA Integrated Disclosure (TRID) rule took effect.
The Realtors Confidence Index Survey for August showed that 72 percent of contracts were settled on time, with 25 percent a delayed settlement and only 3 percent terminated.
The on-time settlements are up 12 percent since the end of 2015, which was the low mark of on-time settlements since 2015. TRID took effect Oct. 1, 2015.
The on-time settlements and delayed settlements are down just slightly from post-2015 highs reached this spring, but the 3 percent termination rate has been in effect the past four surveys, and is by far the lowest level since the start of 2015.
In looking at reasons behind contracts that were delayed, issues relating to obtaining financing topped the charts at 26 percent, followed closely by appraisal issues at 25 percent. Home inspection issues were next at 13 percent followed by title/deed issues at 11 percent.
“Amid sustained job creation and sustained historically low mortgage rates, Realtors reported strong homebuying demand in August 2017,” the report stated.
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