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Sources:
1.https://www.businessinsider.com/when-will-rents-fall-keep-going-down-housing-outlook-2022-10rov
2. https://www.usatoday.com/story/money/personalfinance/real-estate/2022/10/28/home-sales-down-mortgage-rates/10623190002/
3. https://finance.yahoo.com/news/pending-home-sales-drop-september-140106924.html
4. https://fortune.com/recommends/article/fhfa-changes-credit-score-models-for-freddie-mac-fannie-mae/
The FED just changed the entire home buying process with the Fico 10T model! This will be the END of traditional credit scores for home loan approval. I believe this will bring forward massive problems for first time would be home buyers that defaulted on credit card bills or utility bills or other payments. With the Fico 10T model, they will be able to go back on a home buyers credit report two years to look for missed payments, late payments and more.
Now is the time to fix your credit score and get debt free so that in one years time or two years time you are able to purchase your dream home for pennies on the dollar. Many economist and financial experts are predicting a recession or some would call an economic crash. That is when you want to invest, not before.
The reality is many of these home buyers will no longer be able to buy during the crash unless they resolve their credit issues now.
#fed #homebuyer #housing