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Figures from banks and building societies, meanwhile, show a considerable uptick in lending boosted by two government initiatives: Funding for Lending, launched in August 2012 to improve mortgage availability; and the first part of the Help to Buy scheme, offering equity loans on newly built homes, which went live in April.
To support housing markets and economic activity more broadly, and to improve mortgage market functioning, the Federal Reserve has begun to purchase large amounts of agency debt and agency mortgage-backed securities.
The Dodd-Frank Act required lenders to combine the Truth in Lending Act and Real Estate Settlement Procedures Act disclosures to improve mortgage payment compliance and help people better understand their loans.
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The housing market would still be boosted by improving mortgage availability and very low interest rates, but some of the worst upside risks would be removed.
Improved mortgage availability has helped prices to rise in many parts of the country, and Nationwide said on Friday that house prices rose by 0.6% in August.
Halifax reported a 1.1% rise in UK house prices in January, as demand increased against a backdrop of rising confidence and improved mortgage availability.
He said it could be set to increase as older homeowners with equity in their properties downsized, but that an improving mortgage market would mean the proportion was unlikely to grow.
All correlations went to one, and home prices across all housing markets began to sink, and fast.But as the economy began stabilising in the spring, credit access improved, mortgage rates fell, and local market fundamentals reasserted themselves.
Much regulatory effort has been devoted to improving mortgage lending, the principal source of housing finance.
Another tip from Mr Boulger about improving mortgage applicants' credit score is to get on the electoral register.
The government's Funding for Lending Scheme (FLS) may have improved mortgage availability, even if the number of mortgage approvals continues to fall.
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