In what could be a big boon for the housing and mortgage industry, financial crisis-era foreclosures are beginning to roll off credit reports in a big way, thus boosting credit scores and allowing those who lost homes to again qualify for a mortgage.
Foreclosures and many other negative credit events stick around on credit reports for up to seven years, and Fair Isaac estimates about 910K consumers had foreclosure proceedings begin between October 2007 and October 2008. Of those, 264.4K no longer had evidence of such on their credit reports as of last October, and the number should rise to 645.6K by year-end.
“We have a large number of people who were affected by foreclosure and have been sitting in the penalty box,” says ASU's Mike Orr. “This ‘boomerang buyer’ group is a pretty substantial potential demand.”
"Please be aware that the migration from Computershare to Fidelity will require blackout periods for all participant accounts. The following are the respective blackout periods:
- Enrollment Changes – Friday, 6 March 2015 1p.m. PT to Friday, 27 March 2015
- Share Transfers – Thursday, 2 April 2015 1p.m. PT to Friday, 1 May 2015
- Share Sales – Friday, 10 April 2015 1p.m. PT to Friday, 1 May 2015