BANKS HOLDING BACK QUALIFIED BUYERS...COMMENTS
We all need the housing market to be humming along because it will do much to improve the economy and create lots of jobs.
First timers represented 32% of the sales in July while last year it was 31%. I still believe that American Dream of owning a home is still very possible. I cannot imagine that a young couple would not want to own their own home as we did so long ago in 1971 and the economy was not that great then.
Below from:
Existing home sales drop in July, contribute to stock market fall
“Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” said Lawrence Yun, NAR chief economist.
“Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”
Mortgage rates hit record lows
- 08/18/11 01:37 PM ET
The 30-year fixed loan averaged 4.15 percent for the week, breaking the previous record low of 4.17 percent set on Nov. 11, Freddie Mac said Thursday.
