The price that borrowers pay for a 0% down payment loan from the U.S. Department of Agriculture’s Rural Housing Service is reportedly set to rise later this year.
According to a report from Bloomberg, the USDA will raise the upfront feed paid by buyers for a 0% down loan from 2% to 2.75%. -- Ben Lane in HousingWire http://www.housingwire.com/articles/34349-usda-reportedly-raising-guarantee-fees-for-0-down-mortgages
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For the 10th consecutive year, the homeownership rate in 2014 dropped and is off 0.6 percentage point to 64.5%, according to the 2015 State of the Nation’s Housing report from the Joint Center for Housing Studies of Harvard University.
The decline continued in early 2015 with a first-quarter reading of just 63.7% — the lowest quarterly rate since early 1993. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/34294-homeownership-rate-at-ten-year-low
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In many major counties, homes are still more affordable than their historic averages, the study found. Major counties still more affordable than their historic averages included Cook County, Illinois (Chicago), Maricopa County, Arizona (Phoenix), San Diego County, California, Miami-Dade County, Florida, and Riverside County in Southern California. -- Ben Lane in HousingWire http://www.housingwire.com/articles/34304-here-are-the-top-10-most-affordable-markets-for-low-down-payment-borrowers
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Personal income in May 2015 increased 0.5 percent. Nominal PCE increased 0.9 percent. Real personal consumption expenditures (PCE) rose 0.6 percent. Nominal disposable personal income (DPI) increased 0.5 percent. Real DPI increased 0.2 percent. The personal saving rate as a percentage of DPI was 5.1 percent in May. -- US Department of Commerce
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U.S. home prices were up 1% for the month, rising 4.9% on a year-over-year basis, according to Black Knight's latest Home Price Index report, based on April 2015 residential real estate transactions. -- In HousingWire http://www.housingwire.com/articles/34326-black-knight-home-prices-rise-1-in-april-from-march
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Contracts to purchase previously owned U.S. homes rose in May to a nine-year high, indicating recent strength in the real-estate industry will be sustained.
The pending home sales index increased 0.9 percent to 112.6, the highest since April 2006, after a revised 2.7 percent advance in the previous month, the National Association of Realtors said Monday in Washington. The median projection in a Bloomberg survey of economists called for the gauge to climb 1 percent. -- Michelle Jamrisko in Bloomberg News http://www.bloomberg.com/news/articles/2015-06-29/pending-sales-of-u-s-existing-homes-increased-0-9-in-may
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Barry Habib: Housing markets will depend on inflation and interest rates. http://mortgagenewsnetwork.com/master-markets-week-62915
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Mortgage applications decreased 4.7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 26, 2015. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34359-mortgage-applications-drop-as-interest-rates-rise-to-9-month-high
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