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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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Empire State home sales set January record

The home sales growth trend continued in New York State during January with the 8,472 closed sales setting a new high-water mark for the month. The January statewide median sales price of $250,000 represents an increase of 8.7 percent from a year ago. Click here to read more.

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