Survey says most homeowners overlook home equity loans

Survey says most homeowners overlook home equity loans

September 6, 2005

HMDA data shows low-income lending increase in 2003MortgagePress.comHDMA,Statistics,Loan Origination
According to recent Home Mortgage Disclosure Act data, mortgage
lending among low-income families increased in 2003, while
originations of government-backed loans was relatively unchanged.
Home purchase applications increased 10 percent in 2003 compared to
2002. Conventional loan applications surged 32.2 percent in the
low-income census tract, rising to 154,910 from 117,187; and 47.7
percent in the moderate-income census tract, increasing to 938,156
from 643,881. Consequently, these income brackets experienced the
largest increase in home purchase lending, rising 16 percent, as
compared to the middle- and upper-income brackets, which posted a
nine percent increase. Ethnic groups, with the exception of Native
Americans, experienced healthy growth in conventional and
government-backed home purchase lending, as well. Hispanics
increased 18 percent; Asians, 16 percent; blacks, 15 percent; and
11 percent for whites, while Native Americans decreased five
percent in 2003.
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