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Report Shows Mortgage Rates Are Down

The FHFA index showed the effective interest rate on all mortgage loans was down 12 basis points in February from the month prior. The February rate was 3.92 percent down form the January rate of 4.04 percent. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.

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Hispanic Homeownership Rate Drops to Lowest Level Since 1999

Hispanic homeownership rates have slowed over the past three years. In 2012, the number of homes owned by Latinos increased by 347,000. That number was much lower at 54,000 in 2014. Before the Great Recession, Hispanics were outpacing the national average in homeownership gains. From 1995 to 2004 the Hispanic homeownership rate grew 7 percent, higher than the national average of 5 percent.

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Survey: Over 60 Percent of Millennials Are Unaware of Closing Costs

A ClosingCorp survey of more than 1,000 adults found that about 2 in 3 adults age 18-34, who plan to buy a home know nothing about closing costs. The survey also found that across all age groups, more than one-third of potential homeowners are “not very” or “not at all” aware of closing costs.

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FHFA Reports 5.1 Percent Year-Over-Year Home Price Increase

In January, U.S. house prices rose a mere 0.3 percent on a seasonally adjusted basis from the previous month. The previously reported 0.8 percent change in December was revised downward to a 0.7 percent change. The FHFA HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.

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Census Bureau: New Home Sales at Highest Rate in Seven Years

According to data released by the U.S. Census and HUD the February sales are up nearly 25 percent compared to sales from that month last year. Sales for February 2014 were at a seasonally adjusted annual rate of 539,000. This is 7.8 percent above the January rate of 500,000.

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New York Tops List of Housing Markets With Most Self-Directed Sales

Self-directed real estate allows individuals to sell and buy homes without using a real estate agent. According to Owners.com, self-directed real estate appeals to consumers for several reasons including transparency, accessibility, and saving money. VP of Owners.com, Erik Ekardt said self-directed sales puts power back into the hands of consumers.

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Median Home Price Rises 7.5 Percent in February

Sales are 4.7 percent higher than a year ago and above year-over-year totals for the fifth consecutive month. The median existing home price for all housing types in February was $202, 600. That is 7.5 percent above the February 2014 price. This marks the 36th consecutive month of year-over-year price gains since last year.

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Housing Starts Rate Drops to Lowest Figure in Years

Housing starts dropped 17 percent in February to a seasonally adjusted annual rate of 897,000. This is 3.3 percent below the February 2014 rate of 928,000. The Northeast and Midwest region saw the biggest drop in starts at 56.5 percent and 37 percent. The West region saw the least starts drop at 18.2 percent.

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CoreLogic Releases Equity Report

CoreLogic reported that 10.8 percent of all residential homes were underwater in Q4 (about 5.4 million properties), which was down from 13.3 percent in the same quarter a year earlier – a decline of nearly 19 percent, or 1.2 million homes. The Q4 total was up slightly from the 10.3 percent that was reported for Q3 2014 – an increase of 3.3 percent.

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Builder Confidence Drops Slightly in March

Two of the three HMI components posted losses in March. The component gauging current sales conditions fell three points to 58 while the component measuring buyer traffic dropped two points to 37. The gauge charting sales expectations in the next six months held steady at 59.

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