Today’s question: Obviously a 20% down payment rule would have a dramatic effect on the market if it were implemented across the board (see the first article). What percentage of buyers would be impacted if this were implemented? What would this do to the American economy?
Today’s news that may be of interest to you:
20% Down on Homes May Soon be Norm
The Boston Globe | April 11, 2011
Most home buyers put down less than 20 percent when they take out a mortgage, a sign of how hard it has become to scrape together enough cash to purchase a house.
Chief of New Consumer Agency Defends Goals
BusinessWeek | April 8, 2011
The White House official designing a government bureau to help consumers deal with financial institutions protested Republican efforts to kill or hobble the agency.
New Rules for Home-Loan Brokers
The Wall Street Journal | April 10, 2011
New rules governing how mortgage loan officers are paid for their work in originating home loans are meant to protect consumers and make it clearer how the mortgage professional is making money off the loan.
Bank of America Sells 1,300 Foreclosed Homes Through NSP
HousingWire | April 8, 2011
Bank of America (BAC: 13.48 0.00%) has resold 1,340 previously foreclosed homes to buyers who used grants from the Department of Housing and Urban Development.
Obama Readies Broad Plan to Reduce Deficit
The Washington Post | April 11, 2011
President Obama this week will lay out a new approach to reducing the nation’s soaring debt, proposing reductions in spending on entitlements such as Medicare and Medicaid and renewing his call for tax hikes on the rich.
From the National Association of Realtors®:
Where You’ll Find the Most Stubborn Sellers
If a property hasn’t sold after about 2.5 months, home sellers reduce their list prices by roughly 8 percent, according to Trulia.com. But some sellers wait even longer. Find out where America’s most stubborn sellers live.
Growth Slows in U.S. Cities
A study of Census data shows that many major cities are losing residents. Since 2000, 14 of the 15 most populous U.S. cities saw more people moving out than moving in.
Anthony V. Carollo / President
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