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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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Empire State home sales stay at elevated level during April

Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling only 2.6 percent from April 2017. The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month. Click here to read more.

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