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Home Prices to Appreciate 3.5 Percent Annually

A newly released forecast predicts home prices to appreciate 3.5 percent across the country over the next year. Denver and Seattle are slated to see the most growth, while Alabama will likely be home to the nation’s worst markets. Parts of the NE, Texas, and Florida will also see growth over the next 12 months as well.

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Will Mortgage Originations Top $1T in 2017?

Last year saw nearly $1 trillion in purchase originations, and experts say the market could top that in 2017. Millennials and first-time homebuyers may be the ones to push it over the edge, as will increasing home sales across the nation. Only a handful of states saw sales dip in 2016.

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Millennials Finally Buying in

According to new data, millennials are entering the housing market in droves. In February, the demo accounted for 86 percent of all closed loans, with most of those being conventional loans. Millennials also saw their time-to-close shorten for the month, reaching its fastest turnaround since March of last year.

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Digitization Will Put Big Banks Ahead

Non-bank lenders won’t lead the mortgage space for long, according to Fitch Ratings. As the mortgage process gets more digital, the agency says its big banks who will take over, thanks to their greater resources and ability to tie in additional financial products. Investment in digital processes will be key as millennials buyers make up the larger market share.

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Northeast Sees Highest Property Taxes

A new analysis shows that more than $277 billion in property taxes were levied against 84 million single-family homes in 2016. Though the average tax rate was 1.15 percent, states like New Jersey, Illinois, and Texas came in with significantly higher rates for the year. New Jersey’s was 2.31 percent—more than twice the national average.

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Applications Go Down While Interest Rates Go Up

Applications dropped slightly this week, according to one survey. The survey found that for the week ending on March 31, applications dropped 1.6 percent from the previous week. The Market Composite Index showed that on an unadjusted basis, applications dropped 1 percent from the previous week, compared to the 1.6 percent adjusted.

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Fair Housing Still a Concept More Than a Reality

The Fair Housing act was supposed to level the playing field for American minority groups nearly 50 years ago. While segregation and homeownership among blacks and Latinos has improved in some areas, age-old issues still linger. And it’s been especially rough since the recession.

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Buyer Education Programs Liked In Theory, Not In Practice

Fannie Mae looked into the efficacy of early education for borrowers and buyers and found underwhelming results. While buyers, agents, and lenders like the programs in theory, the reality is that all see the programs as cumbersome. The GSE recommended retooling the programs, but not abandoning them.

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Industry and Government Leaders to Discuss Housing Policy

Leaders from both the government and mortgage servicing industry are to meet in Washington, D.C. to discuss policy and reform in the housing industry at the Five Star Government Forum. The event will include speakers and panel discussions on the economy and the future of the market.

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