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The MReport Webcast: Wednesday 5/13/2015

According to the latest quarterly report by the National Association of Realtors, home prices have increased in the majority of metro areas included for Q1 2015. A high demand for housing along with low inventory levels caused prices to go up significantly and areas that experienced double-digit price appreciation doubled compared to last quarter. The report found that the median single-family home price increased in 85 percent of measured markets.

In metropolitan statistical areas, compared with Q1 2014, 148 out of 174 areas increased based on the amount of closings in Q1 2015. Compared with last year’s results, 25 areas recorded lower median prices. With price increases occurring in 85 percent of metro areas, the amount of rising markets remained constant with Q4 2014. Double-digit increases occurred in 51 metro areas in Q1, more than double the amount from Q4 2014. Thirty-seven metro areas also experienced double-digit increases.

The Consumer Financial Protection Bureau recently issued a bulletin to help mortgage lenders evade illegal discrimination against applicants that include vouchers from the Section 8 Housing Choice Voucher Homeownership Program in their income when applying for a mortgage loan. This type of discrimination may violate federal fair lending protections. The bulletin offers lenders advice for observing their fair lending risks’ including the importance of clear underwriting policies, training for underwriters and loan originators, and careful monitoring for compliance with underwriting policies.

About Author: Jordan Funderburk

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