The typical American family's ability to buy a median-priced home increased in the first quarter as a result of a drop in mortgage interest rates, rising family income, and a decline in home prices, according to the National Association of Realtors.The NAR's composite Housing Affordability Index stood at 144.1, up from a revised 138.7 in the fourth quarter but down from 144.9 a year earlier. The latest index number means that the typical household in the United States had 144.1% of the income needed to purchase a home at the first-quarter median existing-home price, which was $170,800. "Although mortgage interest rates have risen in the last month, housing affordability conditions remain favorable," NAR chief economist David Lereah said. "There are some challenges in the more expensive markets, but on balance, most of the households in the United States can readily afford a typical home." The NAR can be found online at http://realtor.org.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11