Total existing-home sales set another record in the third quarter, rising in 44 states and the District of Columbia from the levels recorded a year earlier, according to the National Association of Realtors.The seasonally adjusted annual resales rate was 7.24 million units in the third quarter, up 6.5% from 6.80 million in the third quarter of 2004. "We're fairly confident that third-quarter home sales will prove to be the high point of the five-year housing boom," said NAR chief economist David Lereah. The biggest year-over-year gains were recorded in Arkansas, where the resale rate was up 32.1%; Utah, up 26.6%; and Washington state, up 20.0%. The NAR can be found online at http://realtor.org.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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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.
April 17 -
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.
April 17 -
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.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17