Lack of Income Is Why Home Sales Have Eased
Real Estate today should be a buyer’s paradise. Lenders have in excess of $2 Trillion available for buyer's. Property values remain at or below their historic affordability levels in most markets, and foreclosures have fallen to levels last seen in 2007.
Although the explanation is complex, the short version is this: A large number of buyer's attracted to the relatively affordable Prices of Homes and extremely low mortgage rates, are unable to qualify for a mortgage, due to a lack of Income, which is down in many markets. In essence and because of smaller paychecks, we are not selling a lot of homes to first-time buyers. This could mean housing woes for years to come. Meantime, let's hope that the "Fat Cat's" on Capital Hill do what's right on behalf of the people !
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