Daily Market Update: Record number of consumers believe it’s easy to get a mortgage

Record numbers of consumers believe it’s easy to get a mortgage

More consumers believe it is easy to get a mortgage now than ever before according to the Fannie Mae National Housing Survey. The February edition of the report shows that a record high of 54% of those polled say it would be easy to get a mortgage while a record low of 43% think it would be difficult. Overall sentiment in the housing market held steady last month and record high of 47% believe that the economy is heading in the right direction. More people expect mortgage rates to increase in the next 12 months while fewer think home prices will rise. On household finances, fewer people say that their expenses have increased significantly in the past year but optimism in personal finances was down slightly with fewer respondents expecting their situation to improve significantly in the coming year. 

Who’s paying the highest property taxes in the US?

The highest average state property taxes cost residents $15,625 while the lowest are just $618 based on single-family homes. Data from RealtyTrac show the huge disparity across the states; topping the league for high taxes is New York State while Alabama has the lowest. New Jersey ($8,108), New Hampshire ($5,795), Connecticut ($5,646) and Hawaii ($5,024) complete the top five for high taxes while West Virginia ($931), New Mexico ($1,096), Tennessee ($1,116) and Indiana ($1,418) are among the lowest. Those who have owned their homes for longer are often paying less due to rules in some states that reward long-term owners.

New York co-op sells for near record

A travel agency owner has sold his full-floor co-op with views over New York’s Central Park for $70 million. It’s one of the highest selling prices ever seen for a co-op but the new owners have got something of a bargain as the price was reduced from the original asking price of $95 million. The apartment at 5th Avenue and 59th Street has seven bedroom and eight bathrooms and was sold to a Chinese buyer. Read the full story.

Credit deal is good news for homebuyers

Homebuyers who find problems getting a mortgage because of an error on their credit file will now find it easier to correct inaccuracies. A landmark deal has been struck between credit agency Experian and the NY State Attorney which will apply to consumers throughout the US and will put new onus on agencies to independently verify issues rather than rely on lenders’ reports. There is also a new provision for medical debt, where a credit report is affected by delayed payments from an insurer. Read the full story.