Home prices now average a record 3.5 times disposable household income, and they will have to slide down to the average level as interest rates rise, according to David Wyss, chief economist at Standard & Poor's.Speaking at a New York seminar organized by the rating agency, Mr. Wyss said it is now "awfully cheap" to buy a house, given historically low interest rates. Most of the home price rise comes from the fact that people are buying bigger and bigger houses, but it's more of a local phenomenon that is occurring in high-priced areas such as the Northeast, the West, and Florida, Mr. Wyss said. Home price appreciation is going on around the world, he noted. In the United Kingdom, for instance, there has been a 150% appreciation in home prices over the period 1997-2005, according to Mr. Wyss. S&P can be found on the Web at http://www.standardandpoors.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25