Loan Availability
From 2009 to 2013, tight credit stymied about 4 million potential homeowners, including both first-time buyers and so-called boomerang buyers who are coming back from losing property during the crash, according to a report issued earlier this month by Urban Institute researchers Laurie Goodman, Jun Zhu and Taz George.
While strict mortgage underwriting is keeping many from re-entering the market, the loose lending that fueled the housing bubble and ensuing crash enabled unqualified people to become owners, Yun said.
“Many of them should not have gotten a mortgage to begin with,” he said.
Few Who Lost Homes In U.S. Will Buy Again Soon Amid Tight Credit
April 21, 2015
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