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Still, rising home prices have already helped thousands of Minnesota homeowners regain some of their lost equity. And more stringent mortgage underwriting guidelines are enabling at-risk borrowers to buy, limiting the pool of borrowers who might end up in default.
That suggests foreclosure rates will continue to fall, but how far is still anyone’s guess.
“It will be difficult to declare when the new normal has arrived, because the industry has changed,” said Mike Haley, assistant commissioner at the Minnesota Housing Finance Agency. “But there’s a lot to feel good about and we’re clearly headed in the right direction.”
Jim Buchta • 612-673-7376