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Many homeowners who found themselves in foreclosure during 2008 – 2010 took a credit score hit that has made recovery of their creditworthiness a long process. An estimated 4 million foreclosures have occurred since 2007, according to the Federal Reserve Bank of San Francisco.

It is reasonable to assume that the broad spectrum of economic conditions, the unemployment rate remaining high, and house depreciation have continued to impact a borrower’s ability to obtain a mortgage, and their desire to return to the housing market.

In the past it was assumed that high pent-up demand for housing would create a market attractive to buyers, but the 4 million families rebounding from foreclosure will return very slowly and the supply of affordable mortgage money will determine the timing. The return for many families will depend on how tight the credit restrictions on mortgages are. Continue reading

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