Rural Mortgage Activity Increases, But High Cost Loans and Denials are Still Problematic
Housing markets were at the heart of the recent recession, and the economic crisis substantially impacted mortgage access and provision. In rural areas, applications for home purchase loans declined by more than half between 2003 and 2011. But according to 2012 data from the Home Mortgage Disclosure Act (HMDA), the number of rural mortgage applications increased by 19 percent from 2011 levels, and the number of actual mortgage originations (loans made) were up 27 percent from the previous year.
Get Mortgage and Housing Data for your community at HAC’s Rural Data Portal: https://www.ruraldataportal.org/