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Friday, October 24, 2014


A Second Try at Home-Buying

Borrowers who go through foreclosure or short sale of their home usually are blocked from buying again for two to seven years afterward, depending on their individual situation. RealtyTrac estimates that 3.5 million former homeowners who succumbed to foreclosure and another 757,000 who underwent a short sale during the peak of recession between 2006 and 2010 have now satisfied the time requirement and are slowly returning to the market. "We certainly have heard from a number of lenders that boomerang buyers are coming back," confirms Mortgage Bankers Association chief economist Mike Fratantoni. As of the end of 2013, however, only a tiny fraction of these borrowers had actually gone through with a new home purchase.

From "A Second Try at Home-Buying"
New York Times (10/23/14) P. B1 Bernard, Tara Siegel




S&P/Experian: Mortgage Default Rates Increase Two Months Straight

Slightly more Americans defaulted on their home loans last month, based on the S&P/Experian Consumer Credit Default Indices. September's overall reading was 1.04 percent, a rise of three basis points from July's bottom. Defaults on first-lien mortgages bumped up 0.93 percent, while the default rate for second mortgages rose 0.52 percent. Mortgage default rates remain lower, however, than a year ago -- when they hit 1.28 percent and 0.69 percent, respectively.

From "S&P/Experian: Mortgage Default Rates Increase Two Months Straight"
Housing Wire (10/21/14) Swanson, Brena

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