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Days to close speeds up

Mar 22, 2016
The average number of days to close a mortgage loan dropped to 46 days in February. That is down from 50 days a month prior and more in line with averages prior to new mortgage rules that took effect, according to Ellie Mae’s Origination Insight Report. 
 
The drop in the average number of days to close on a loan could be one sign that lenders are getting adjusted to new mortgage rules. More loans are closing, too. The report shows the closing rate for all loans was about 69.9 percent, up from 68.4 percent in January. 
 
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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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