Here's why this housing downturn is nothing like the last one
Here's why this housing downturn is nothing like the last one
Abstract
For the 53.5 million first lien home mortgages in America today, the average FICO credit score is a record high of 751. Lenders have been much more strict about lending, much of that reflected in credit quality. Home prices have soared, as well, due to pandemic-fueled demand over the past two years. In 2007, about 10 million ARMs were facing higher resets.
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