Is the ‘Amrican Dream’ Dying?
Homeownership in the United States is at its lowest level since late 1999 and has decreased another 0.7% this past year. Is the ‘American Dream’ dying? Or, is it simply changing?
According to Census Bureau data homeownership rates are highest in the Midwest and the South followed by the Northeast. Homeownership is lowest in the West. Homeownership rates could continue to fall as the number of foreclosure filings and delinquencies increase.
Purchasing a home is getting harder as well! It was announced this week that Bank of America and Wells Fargo raised the minimum credit score to 640 (from 620) on FHA insured loans that they will purchase. FHA up until October of this year did not have FICO mimimums. However, as of October required a mimum FICO of 500. Any borrower with a FICO between 500 and 580 would be required to have 10% down. Borrowers above 580 must have 3at least a 3.5% down payment.
Moving the minimum to 640, as Bank of America and Wells have done, could eliminate 15% of FHA buyers. That could affect the hardest hit communities the most. All of this only serves to slow down any recovery that is underway. We have to find a way to make homeownership affordable and realistic. If we don’t this economy will not recover at the pace many want it to see. It starts with JOBS and HOUSING.
if you are facing a foreclosure or short sale and you feel like quitting don’t! Contact me today. I can help you better understand the process
and answer any questions you may have! I can help you short sale your property and possibly never pay the bank another penny. Send me an e-mail at email@example.com. I will contact you for a free consultation. I will
explain how the process works in detail and answer any questions you may have.
Thanks for reading this!
Joe Hildebrand is a real estate agent at RE/MAX Unlimited
Phone: (303) 671-3078 firstname.lastname@example.org
Joe Hildebrand specializes in short sales in Denver, Colorado. Denver Short Sales. Denver Short Sale Realtor. Centennial Short Sales. Centennial Short Sale Realtor. Castle Rock Short Sales. Castle Rock Short Sale Realtor. Parker Short Sales. Parker Short Sale Realtor. Highlands Ranch short sales. Highlands Ranch realtor. Littleton short sale.
Lone Tree short sale. Aurora short sale.