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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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NYS home sales post second-highest May total

Homebuyer activity remained strong in May, driving the New York State housing market to the second-highest sales total for the month with 10,348 closings. May 2018 closed sales were 8.6 percent lower than the record of 11,322 set in May 2017. The median sales price growth trend continued, increasing by 11.5 percent compared to last May, ending the month at $262,000. Click here to read more.

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