Real Estate

Here’s why this housing downturn is nothing like the last one

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As quickly as mortgage rates are rising, the once red-hot housing market is cooling off. Home prices are still historically high, but there is concern now that they will ease up as well.

All of this has people asking: Is today’s housing market in the same predicament that it was over a decade ago, when the 2007-08 crash caused the Great Recession?

The short answer is: no. America’s housing market is in far better health today. That’s thanks, in part, to new lending regulations that resulted from that meltdown. Those rules put today’s borrowers on far firmer footing.

For the 53.5 million first lien home mortgages in America today, the average borrower FICO credit score is a record high 751….



Source cnbc.com

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