Billfold pal Helaine Olen traveled to Los Angeles to witness the beginnings of what looks like our next housing bubble, which seems inevitable given our tendency to relive history. The bidding wars, which are happening all over the country, reminded me of Rebecca’s account of trying to buy a house in Oakland. Real estate madness—it’s back.
Quartz’s Matt Phillips found a chart from Barclays Research showing the average FICO score for 30-year mortgages at around 750 (on a measure that ranges from 300 to 850), which is notably higher than it was in our pre-Recession days when it was easier to get credit with average FICO scores.
MERS—The Mortgage Electronic Registration System is losing deeds to houses and making it difficult to fight against wrongful foreclosure practices.