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HUD reversal softens loan demand

Feb 03, 2017
This last week's plunge in mortgage applications was at least partially triggered by a large drop in government-insured loans. Overall applications for FHA loans dove 13 percent last week, after the Trump administration's first housing policy move. The Department of Housing and Urban Development suspended the reduction in Federal Housing Administration mortgage insurance premiums set to take effect Jan. 27.

The quarter-percentage point reduction in premiums would have decreased monthly payments for thousands of new, low-income borrowers. The plan to reduce premiums was first announced on Jan. 9, just days before the Obama administration left office. FHA applications spiked immediately upon the announcement.

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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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