When cash-poor buys from house-rich

  • The millennial generation -- most likely with a FICO credit score that hasn’t been built up yet -- is trying to buy homes from existing long-term residents.
  • Those long-term residents know they have "profit" accumulated in their asset; it’s a classic case of cash-poor buying from house-rich.

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On November 18, Ellie Mae released its latest Origination Insight Report, which showed credit scores are declining for the fifth straight month. So the creditworthiness of homebuyers is on the decline. Let’s try to understand why, and what impact this has for today’s real estate agent — possibly during the negotiation phase of buying and selling homes.