The national homeownership rate for families with children, especially for low- to moderate-income working families with children, is lower than the rates in the 1970s even though the overall homeownership rate in the United States stands at a record high, according to a National Housing Conference study.In 1978 the homeownership rate for all families with children stood at 70.5%, but by 2001 it had decreased to 68.4% -- while the homeownership rate for working families with children declined from 62.5% to 56.6%. Between 1978 and 2001 the number of children from low- and moderate-income families living in owner-occupied housing had declined from nearly 66% to about 58%. By 2003, the national homeownership rate had increased to 68.3% from 65.2% in 1978. Contradicting what has been hailed as a "decade of progress" for the average household, NHC said, the study found that over the last 25 years more working families with children are struggling to make ends meet. (Working families are defined as households earning less than 120% of the local median income, but more than the full-time equivalent of the minimum wage.) The study was conducted by the NHC's research affiliate, Center for Housing Policy.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
6h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
7h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16