Government-insured mortgages skyrocket - Pittsburgh Business Times:

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FHA and VA loan applications roseto 35.9 percen in June, up from 25.7 percent a montbh earlier and 27 percent a year earlier. Sincd the MBA survey's inception in Januar y 1990, the lowest recorded share was 5.8 percent in Augusyt 2005. The government-insured share of applicationw to purchase homes last monthwas 38.6 percent, up from 27.8 percenrt one year ago. Those applicationws have averaged 36.6 percent to date, compared to an averagew of 21.8 percent durint the same periodlast year. The low poinft was in August 2005 when itwas 6.
8 percent, the MBA "A primary reason government-insuresd loans have retained a high sharse of the purchase market is that these loana typically require lower down payments than conventional Orawin Velz, MBA's associate VP of economiv forecasting, said in a news release. "Inj addition, lending standards tend to be tighter forconventionalo loans, especially for loans that requirr private mortgage insurance.
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