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Loan demand surges 75 percent ahead of last year

Jul 06, 2015
Mortgage activity is soaring with total mortgage origination balances reaching $466 billion in the first quarter, according to Equifax National Consumer Credit Trends Report. This is nearly 75-percent above the same time last year. 
 
The bulk of the growth has been to first mortgages, which rose nearly 80 percent compared to the first quarter of 2014. However, lending conditions still remain tight, Equifax's data shows. About 4.5 percent of new first mortgage accounts were issued to consumers with credit scores below 620 -- a score most often used to describe subprime credit.
 
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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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