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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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Record November sales drive NY housing market past 2015 total

A record-setting November market pushed the New York State home sales total to 118,730, surpassing the 2015 annual mark of 116,671. Closed home sales set a new record for November reaching 10,547 for the month, an increase of nearly 9 percent from November 2015. Click here to read more.

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