RealtyTrace has released a new report last week saying that around 7 million US homeowners who lost their houses are now in a good position to buy again.
Short sales and foreclosures have increased exponentially 7 years ago after the so-called Great Recession and the years of financial crisis. Now, with the economy finally getting its momentum and employment rate increasing, homeowners who got foreclosures could have a good chance in the market again.
According to analysts from The Cathford Group Credit Inc., although the modest estimate of rebuilding a decent credit score is 7 years, it is possible for homeowners to recover from their foreclosures in as soon as 3 years. This is good news for owners who lost their properties during the financial crisis of 2007 as they should be able to qualify now for a new loan.
The Cathford Group Credit Inc. is an online personal loan lender centrally located in downtown Chicago. We are a subsidiary of Cash America International, Inc., a NYSE-listed firm (CSH), which allows us the facility, ability and resources to achieve our vision and improve our product offerings.