2012 End the Year at a 15-Year Low for Homeownership

A foreclosure in your credit history doesn't mean that you will never be able to purchase a home again.

New Home Construction was up in 2012 to its highest level in 6 years. Used home sales in 2012 were at their highest level in 5 years, so what is going on?

Most of the folks that lost homes are renting, many want to buy again, but for one reason or another can’t or don’t think they can. For those that want to own again, get some coaching, sooner rather than later.

Tony and Melissa contacted a Realtor in the Hartford area for a rental. He was starting a high level job the following month and wanted to handle the housing arrangements as soon as possible. They told her that they were living far above their means in New Mexico and lost a home in 2007. The Realtor asked if they would consider purchasing instead of renting? They both answered, of course, but asked who would consider giving them a mortgage with the foreclosure in their history. She recommended that they contacted me to find out if a purchase was possible.

In my speaking to them, it didn’t take long to know, they were qualified to purchase a home. They were absolutely blown away. I preapproved them for an FHA mortgage, for a purchase price up to $350,000. They are now house hunting, but to own not rent.

There are literally millions of people in the same boat as Tony and Melissa, that are not aware, they can buy or will be able to buy in the future.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Lynn Ristau March 01, 2013 at 12:25 PM
Dear Mr. Petrowski, I lost my home after 14 years of paying a mortgage to GMAC. The bank wouldn't work with me. I am currently renting and for what I am paying for rent, I could have my own place. It's been three yrs. Since I lost my home. I am not sure if I can purchase another home or not? What are the first steps to take? My credit report has a home equity loan on it of 30k. Other then that, my credit is good. Lynn R.
Joe Petrowsky March 01, 2013 at 12:58 PM
Lynn, Thank you for your comment. Communicate with me off line. My email address is joe@righttracfg.com or my office number 860 647-7701. Joe


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