Housing market conditions, now vs. then:
Average borrower FICO score today: 751
In 2010: 699
Underwater today: virtually none (2.5% with less than 10% equity)
In 2011: more than 1 in 4 underwater (25% plus)
Today: 2.5 million ARMs (8% of mortgages)
In 2007: 13.1 million ARMs (36% of mortgages)
Facing resets today: 1.4 million ARMs (56%)
In 2007: 10 million (76%)
Housing remains as unaffordable as ever. The cost of the median new one is up a whopping 45% in April 2022 vs. April 2020, to $450,600.
