Loan Delinquency Rate Takes a Notable Dip
The percentage of late mortgage payers dropped from 6.60 percent to 6.57 in the first quarter of the year, the first decline since 2006. Improvement is attributed to tougher lending standards, loan modification efforts, and a more stable job market.
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Mortgage Applications Fall Sharply
As FHA insurance rates rose, loan volume declined 9.6 last week compared to the prior week, according to the Mortgage Bankers Association.
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Lenders Push Back on 2nd-Lien Cuts
Major lending executives told Congress that principal reductions on second mortgages may not be sufficient to heal the housing markets.
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Affordable Housing Goals Didn’t Doom Fannie
Federal initiatives to boost affordable housing opportunities weren’t responsible for the collapse of Fannie Mae and Freddie Mac, says Assistant Treasury Secretary Michael Barr.
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First-Time Buyers: Transition Was Stressful
Eighty-seven percent of first-time home buyers said they changed their lifestyles because of unexpected expenditures connected to homeownership.
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More Single Buyers Opt for Suburbs
Coldwell Banker survey found that 52 percent of homebuying singles chose the suburbs over urban or rural areas and 68 percent chose a home priced lower than they could afford.
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