Conventional Loan Share of New Home Market Hit Record-High 81% in 2002
March 7, 2003
Lured by faster turnarounds, lower rates and generally fewer hassles, new home buyers flocked to the conventional mortgage market at a record pace during 2002. According to year-end government numbers, conventional mortgage financing accounted for 81 percent of the record 976,000 new homes sold last year. That was up from 80 percent in 2001 and was the highest level ever recorded.