Democrats introduced a new bill Thursday that will dedicate $100 billing to fighting the affordable housing crisis in the U.S. The bill, Housing is Infrastructure Act, was introduced by Sen. Kamala Harris, D-Calif., a candidate for the Democratic presidential nomination, and Sen. Maxine Waters, D-Calif., chairwoman of the House of
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Although Millennials seem to be taking over the housing market, nationally, 12.3% of Millennial renters say they plan to keep renting. Last year, 10.7% said they plan to always rent, up over 2%, a study from Apartment List said. For most, being able to make a down payment is the
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The global economy will likely shake off this year’s economic slowdown, led by the U.S. as low mortgage rates bolster the housing market, according to a Goldman Sachs forecast. Global economic growth likely will quicken to 3.4% in 2020 from 3.1% in 2019, according to the forecast. That’s still a
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How much of a refinance surge is the mortgage business experiencing? Well, for the first time in more than four years, there were more refinances closed in a month than purchase loans. According to the new Origination Insight Report from Ellie Mae, there were more refis than purchase mortgages in
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It’s looking like 2019 is going to end up being a really good year for the mortgage business in more ways than one. Not only is the business on track for the highest origination volume in at least three years thanks to low interest rates, but lenders are also now making more money
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Despite lingering regional variances, the nation’s existing-home sales increased by 1.9% in October, according to the National Association of Realtors. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – rose to a seasonally adjusted annualized rate of 5.46 million. This means sales are 4.6% above October 2018’s rate. “Historically-low
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This week, the average U.S. fixed rate for a 30-year mortgage fell to 3.66%. That’s 9 basis points above last week’s 3.75% and more than a percentage point below the 4.81% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey. “The housing market continues to steadily gain momentum with rising homebuyer demand and
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Of the three American generations following the Baby Boomers, the youngest is doing better at managing its credit. Gen Z, meaning people born in 1995 or later, has an average FICO score of 637, above the all-age average of 634, according to a report from LendingPoint, a consumer lending platform.
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Artificial intelligence and machine learning continue to revolutionize the world we live in today – through our smartphones and all kinds of new developments. Now, it’s about to take over mortgage lending. HousingWire sat down to talk to AI Foundry President and Founder Steve Butler about what changes AI is
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Landed, a homeownership investment startup that aims to make it easier for teachers to buy a home by helping them with their down payment, now wants to help teachers get a mortgage too. Landed is in full growth mode, expanding into new cities after raising more than $7 million earlier
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Pete Buttigieg, a leading Democratic presidential candidate, would be a “positive” for housing, according to Cowen Washington Research Group. There’s a caveat: “There is very little known about how Buttigieg views financial firms or housing,” Jaret Seiberg, managing director for the public policy research firm, wrote in a note to
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Nexsys Technologies, a provider of technology solutions for mortgage origination and closing, announced the launch of a new solution that digitizes communication between mortgage lenders and homeowners insurance companies. The solution, Clear HOI, enables insurers to instantly verify coverage, resulting in dramatically improved closing times and reduced processing costs. According to the
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