Nearly three out of four renters (72 percent) say owning a home is a top priority for their future, up from 63 percent a year ago, according to the 2011 National Housing Pulse Survey from the NATIONAL ASSOCIATION OF REALTORS®. But more than three-fourths of renters say they would be less likely to buy a home if they were required to put 20 percent down, and 71 percent believe a 20 percent down payment requirement could have a negative impact on the housing market.
Some groups of homeowners — including self-described “working class” homeowners, younger non-college graduates, African Americans and Hispanics — believe that a 20 percent down payment requirement would have prevented them from becoming homeowners. More than eight out of 10 respondents (82 percent) say the top obstacle to homeownership is having enough money for a down payment and closing costs, followed by having confidence in one’s job security.
Great info. from CRS Member Connect on-line newsletter
There are many homes on the market today – which is ideal for people who are looking to buy. With more to choose from, there’s more opportunity to find a good deal.
Fixer-uppers can be found in most communities, even wealthier neighborhoods. Fixer-uppers can be a great deal for someone who doesn’t mind investing a little sweat equity; however, you want to be sure that the house you buy doesn’t have major issues, like structural problems, so a home inspection is essential.
You may want to look at homes that merely need some cosmetic work, like adding new appliances or a fresh coat of paint. In fact, in some instances sellers may offer an allowance to cover all or part of the repair as an incentive to buy.
Whether you are looking for a fixer-upper, new construction, or anything in between, when looking for a home, the best place to start is always with a trusted real estate professional.
Shadow inventory of residential homes fell to 1.7 million in April, down from 1.9 million the previous month, according to CoreLogic. This represents a five months’ supply of shadow inventory and accounts for 29 percent of total housing supply. Of the 1.7 million units, 790,000 are seriously delinquent, 440,000 are in some stage of foreclosure and another 440,000 are already REO.
In addition to the current shadow inventory, there are 2 million current negative equity loans that are more than 50 percent, or at least $150,000, upside down. These current underwater loans have an increased risk of entering the shadow inventory if the owners’ ability to pay is impaired while significantly underwater.
information from CRS Member Connect on-line newsletter
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Despite the ups and downs of the housing market and the decline in housing values, most homeowners, including those who are under water on their mortgages, don’t regret owning a home. In a new survey by the National Association of Home Builders, three out of four Americans believe that owning a home is the best long-term investment and is worth the risk of the ups and downs of the housing market, and 95 percent say they are happy with their decision to own a home.
That sentiment is also strong among homeowners who are under water on their mortgages. Nearly two-thirds (65 percent) believe owning a home is worth the risk of the ups and downs of the housing market and 83 percent of say they are happy with their decision to own a home.
Four out of five homeowners (80 percent) say they would advise a friend or family member to buy a home while slightly fewer (78 percent) of underwater homeowners would do the same. Only 19 percent of homeowners under water believe homeownership is too risky.
information from CRS “Member Connect” on-line newsletter
Nearly three out of four renters (72 percent) say owning a home is a top priority for their future, up from 63 percent a year ago, according to the 2011 National Housing Pulse Survey from the NATIONAL ASSOCIATION OF REALTORS®. But more than three-fourths of renters say they would be less likely to buy a home if they were required to put 20 percent down, and 71 percent believe a 20 percent down payment requirement could have a negative impact on the housing market.
