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Real estate inquiries increase

November 24, 2010 - A measure of credit report requests could show that the third quarter brought a rise in the number of families making relocations across the country.

TransUnion reported that its Real Estate Inquiry Index stood at 72.86 during this year's third quarter, up 44 basis points or 6.5 percent from the second quarter's reading of 68.43. At the same time, the index was down 868 basis points or 10.6 percent compared to a year earlier.

The index compares the volume of credit report requests made to TransUnion for real estate transactions from those moving into new homes. While readings below 100 indicate negative for the real estate sector, the fact that the index improved on a quarterly basis was encouraging to note, said FJ Guarrera, the vice president of TransUnion's financial services business unit. Additionally, the company reported reduced mortgage delinquencies for the third quarter.

"This decline in mortgage delinquency rates, in tandem with a stabilization in housing prices in many areas of the country and record low interest rates for mortgage loans, are all positive signs that this industry is moving in the right direction," said Guarrera.

Credit report requests are normally submitted by real estate professionals on behalf of buyers looking to purchase a new home. At the same time, buyers are advised that during the homebuying process, they avoid making too many big purchases that would require a credit pull. Excessive credit activity can make them appear to be a bigger credit risk and hurt their chances of qualifying for a mortgage.
 

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