As a Mom of a newer college graduate and high school senior, I have always been concerned about their ability to afford a home here in Southern California. With the high cost of even starter homes, it hasn't looked good for young adults trying to get their first home.
Now with all of the fall out in the housing market, a wonderful thing has happened --- now our children have a chance to get in the housing market! Granted, it may be harder to get a loan. They will have to made sure their credit is good (Yea! Listen to your mother - it is important to pay your bills. You are a grown up now!). They will have to decide if it is more important to get in the housing market than get a hot car. Maybe, just maybe, this will make the difference in whether our children will be able to stay by family or end up out of state just so they can give their family a home.
I for one will take a little slow down to give our children a chance to have a home.
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