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24 January 2013

Foreclosure Victims Responsible for “New Wave” of Home Buying

The National Association of Realtors, the largest trade association for real estate agents, has reported an increase in housing affordability for those who are able to obtain a mortgage. Lawrence Yun, an economist for the National Association of Realtors, has expressed optimism for households looking to purchase in 2013 “Rising home prices and a gradual uptrend in […]

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The National Association of Realtors, the largest trade association for real estate agents, has reported an increase in housing affordability for those who are able to obtain a mortgage. Lawrence Yun, an economist for the National Association of Realtors, has expressed optimism for households looking to purchase in 2013 “Rising home prices and a gradual uptrend in mortgage interest rates will offset improvements in family income, but 2013 likely will be the third best on record in terms of household buying power” (Realtor.com; January 9, 2013)

The difficult part for many people is simply qualifying for a mortgage. Every month 83,000 new families enter foreclosure, according to the Mortgage Bankers Association of America. This means that roughly 1,000,000 families enter foreclosure every year. With so much pressure on Washington to help ailing homeowners, it appears that guidelines which have been the mainstay for years are taking effect.

“It’s an interesting phenomenon because three or four years ago these people were losing their homes. Now they’re out shopping for a new home. It wasn’t swift and sweeping legislation that did it, simply a matter of perseverance. These folks waited three years and now they can buy again,” says Chris Apodaca, a California mortgage banker.

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