Credit cards are now becoming a big part of the financial lives of millions of people.They're used to make the payments you might make on a credit card.They're also a convenient way to get your mortgage, especially if you've got a family member with the same income level as you.But they can also be risky if they're used incorrectly, as was the case in this recent story.The story starts in 2007 whe...
By Mark Hosenball, Associated Press The homebuyer’s loan lifter, which helps keep an owner’s home afloat in times of crisis, has lost its value and is being priced out of the market, according to the U.S. Bureau of Labor Statistics.
The median price of a house in the U-S.
has declined to $419,500, according a report released Thursday by the Bureau of Economic Analysis.
The median value of a home is $547,700.
The mortgage lifters credit line was worth about $500 million in 2017, down from $542 million in 2016, according the BLS.
That’s a 6.3% decline.
The BLS said in 2017 the median loan size was $25,500 and median monthly payment was $2,400.
The bureau said home prices in the Bay Area have surged as people buy higher-end homes.
The housing market has been driven by the strong U. S. dollar and rising home prices.
The dollar strengthened to 97.7% of a basket of currencies on Thursday, its highest level since September.
The number of mortgage applications has surged, and those applications are increasing rapidly, the BLL said.
The number of people who are being served with foreclosure filings has also surged.
The rate of foreclosure filings in the country jumped to 7% in December from 7.2% in October.
The BLS expects interest rates to stay near historic lows in coming years, and that a broad range of rates are likely to remain near historically low levels in the near term.