In a market where first-time homebuyers consistently cite the down payment as their No. 1 challenge, there’s a battle brewing behind the scenes — a fight to preserve the wide range of down payment programs that propel scores of new buyers into homeownership.
In recent years, housing has failed to move the needle in growing transactions or homeownership rates, which is causing some to believe real estate is a zero-sum game. We begin to think there will only be a certain number of transactions in a given year, and we’re all just fighting for a piece of the pie. But, what about growing incremental sales? Isn’t that the ultimate goal?
Based on the average age of real estate and mortgage professionals, you’ve likely been around long enough to remember Howard Beale’s quote from the 1976 movie “Network.” This quote came to mind as I began composing this column in reaction to the lack of meaningful housing finance reform, specifically what to do with the government-sponsored enterprises (GSE), that are Fannie Mae and Freddie Mac.
But, what if we flip those words and say housing affordability? Every homebuyer is looking for a home that’s affordable to them. That’s precisely the job of lenders — ensuring the home loan is affordable to the particular buyer. It makes homeownership sustainable.
Some say that no two words will clear a room of real estate professionals faster than two in the headline. No, not “Ben Affleck” — I mean “bond programs.”
We’re impressed by Goldman Sachs’ new animated infographic dedicated to the attitudes and interests of millennials. In just a few minutes, you can learn quite a bit about the largest generation in U.S. history, including the fact that 93 percent want to own a home in the future.