Today, in the Calculated Risk Real Estate Newsletter: NY Fed: Mortgage Originations by Credit Score, Delinquencies Increase, Foreclosures Remain Low
A letter excerpt:
The first graph shows mortgage originations by credit score (this includes both purchase and refinance). Look at the difference in credit scores in the recent period compared to the one during the bubble years (2003 through 2006). Recently there have been almost no originations for borrowers with credit scores below 620, and few below 660. A significant majority of recent originations have been to borrowers with credit scores above 760.
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Solid underwriting is a key reason I’ve argued Don’t Compare the Current Housing Boom to the Bubble and Bust, Look instead at the 1978 to 1982 period for lessons
There is much more in the article.