Even though home prices have been on the rise lately, house hunters still have “ample buying power.” An average of salary of $30,700 is all that may be required to buy a house at the median price.
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The housing market is making gradual improvements, but the recovery still remains “fragile,” according to the Obama administration’s April Housing Scorecard.
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Lenders say they are less likely to originate a mortgage for a borrower with a FICO score in the 620 range—even if the borrower has a 20 percent down payment, according to a recent survey by the Federal Reserve.
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In these four markets—all in the same state—multiple offers are the norm.
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The number of reports filed by banks flagging suspicious activity in mortgage loans fell nearly 30 percent last year, the first big drop in decades.
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According to the 2013 National Association of REALTORS® Member Profile, median gross income for REALTORS® rose to $43,500 in 2012 from $34,900 in 2011.
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