Daily Real Estate News | Wednesday, January 16, 2013
Home owners who faced foreclosure a few years ago are back, and they increasingly want to buy a home again, mortgage brokers report.
The Federal Housing Administration allows people who have lost their home to foreclosure to purchase a home again three years following a foreclosure.
"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,” says Chris Apodaca, a California mortgage broker. “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.”
About 1 million families enter foreclosure every year, according to the Mortgage Bankers Association of America.
Elizabeth “Betsy” DiRiego of Re/Max Connection Realtors is not a licensed financial advisor, and is not providing any financial advice; you should consult with a licensed financial advisor prior to making any financial decisions. Elizabeth “Betsy” DiRiego of Re/Max Connection Realtors is only providing this statement for informational purposes.
Elizabeth “Betsy” DiRiego of Re/Max Connection Realtors accepts no liability for the content of this blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this blog are solely those of the author and do not necessarily represent those of the company.