When will the housing market bounce back?
Though we’re seeing signs of progress, we’re less than halfway out of the foreclosure mess.
According to the Mortgage bankers Association, the rate of borrowers who have fallen three or more months behind on their mortgage dropped to 3.5 percent in the third quarter. That’s down from 5 percent a year ago, but it’s still more than three times the normal rate of 1 percent that prevailed before the bubble burst in 2007.
Michael Fratantoni, MBA chief researcher, estimate that we’re still three to four years away from returning to normal foreclosure levels.
