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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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New York home sales reach second-highest October total

Home sales in the Empire State dipped slightly from one year ago, but still hit the second highest total on record for October. The 11,201 closed sales in October 2016 represents the second highest total for the month after the 12,003 sold in October 2015. Click here to read more.

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