A total of $8.5 billion of home mortgage loans were closed in January, 40 per cent more than in January, 1976, the Department of Housing and Urban Development reported.
Savings and loan associations accounted for 53 per cent of the home loan originations, compared to a market share of 51 per cent a year ago. Over the same period, commercial banks reduced their market share from 24 to 19 per cent and mortgage companies from 16 to 13 per cent.
Originations of apartment house loans at $800 million were up 4 per cent over last year.
Construction loans for homes at $1.8 billion were 48 per cent higher than last year, while multifamily construction loans increased by 21 per cent compared to a year ago. For home construction loans savings and loans accounted for 49 per cent and commercial banks for 39 per cent. For apartment house construction commercial banks accounted for 40 per cent of the loans and savings and loans for 30 per cent.
Secondary market purchases of home mortgage loans rose from $3.0 billion last January to $4.2 billion in January 1977. Federally supported pools, mainly those financed by GNMA guaranteed securities, accounted for 56 per cent of the purchases and savings and loans for another 24 per cent.