However you feel about the current political climate, the American economy continues to churn along on a positive note. For businesses dealing in real estate, this is also a good time to sell as, according to the Home Mortgage Financial Disclosure Act (HMDA) by way of the Federal Financial Institutions Examination Council (FFIEC), data “revealed that home loans to low- and middle-income borrowers saw a slight uptick for new properties, rising from 26.2 percent to 26.3 percent in 2017.” In addition refinance loans “to this group of borrowers also saw an increase from 16.9 percent in 2016 to 22.9 percent in 2017.”
The data gathered included information on 12.1 million home loan applications. While the report revealed that “the total number of originated loans of all types and purposes also decreased 12.4 percent or more than 1 million during the period”, home purchase loans “increased by more than 4 percent.”
In terms of borrower diversity, the report said that the share of home purchase loans for family properties made to black borrowers rose from 6 percent in 2016 to 6.4 percent in 2017. For Hispanic borrowers, this number remained unchanged at 8.8 percent and for Asian borrowers, it rose from 5.5 percent to 5.8 percent.