Posted on 09/01/2024 1:24:58 PM PDT by CFW
The amount of money homebuyers are being asked to put down on their purchases of new homes has reached a “record high” under the Biden-Harris administration, thanks largely to dramatically higher interest rates resulting from inflationary monetary and economic policies.
“The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8 percent from $58,788 a year earlier,” according to an Aug. 28 news release from real estate brokerage Redfin.
Year-over-year down payment costs have been continuously increasing over the past months, with June marking the 12th consecutive month of rise, the report said, as noted by The Epoch Times.
Higher down payments are contributing to the ongoing affordability crisis in the housing market during the Biden-Harris administration. According to data from the National Association of Realtors (NAR), in June, the monthly payments required to afford a median-priced existing single-family home were $2,303. That is nearly double the $1,206 monthly payment needed in 2021.
[snip]
According to real estate data provider ATTOM, Barnstable Town, Massachusetts, had the highest median down payment percentage among U.S. metros in the first quarter of this year, at 23.6%. Other areas with down payment rates above 23% include Naples-Immokalee-Marco Island, Florida, and San Francisco-Oakland-Hayward, California. Additionally, Los Angeles-Long Beach-Anaheim, California; Boulder, Colorado; Santa Rosa, California; and Oxnard-Thousand Oaks-Ventura, California also reported down payment percentages exceeding 20%, the outlet said.
(Excerpt) Read more at conservativebrief.com ...
You will own nothing and you WILL be happy.
> The typical down payment for U.S. homebuyers hit a record high of $67,500 in June… <
President Harris could easily solve this by giving everyone $67,500. It’s the Democrat Party way.
I kid. But should Harris cheat her way into the White House I wouldn’t be surprised if she gave that a try.
“Not going back to coat hangers. I’m with her.”
Chickens for KFC.
See? Another record high thanks to Bidenomics! The economy is going great guns! Vote for Kamala!
“Homebuyers’ Required Down-payments Hit ‘Record High’ Under Biden-Harris ... but not for illegal aliens.
I remember when you were expect to out down at least 20% to even get them to consider.
That's what my first house cost. And more than half of what my current house cost.
Well, that's 20% of $337,500 which will get you a decent starter home in a lot of places.
Well, not sure how that leading 337500 got pasted in there; ignore it and the rest of the post should make sense.
Who the frig has that kind of money at hand for a down payment? I don't make that much gross with my pension and social security. I'm a white, 77 year old divorced female, mother of two sons now in their 50's. Been divorced since 1979. Never remarried. When my kids were little, I would have loved to been able to afford a house, so we wouldn't have had to move so often. I wasn't making enough back then to come up with a downpayment, let alone afford any maintenance on the place if I did manage to buy one. By the time I could have afforded a down payment, and get approved for a mortgage, my kids were ready to fly the coop, so I had no need for a home. And since neither of my sons would want to own any home I had at this time in my life, I'm glad they won't be burdened with having to get rid of a house when I die, that neither of them wants. I own nothing, have no assets of any kind, so they won't even have to probate a Will.
This is good news. Back in 2008 people were being allowed to buy homes with no money down, or after securing shady non-reported loans to use as down payments.
Destroyed the housing market damn near took Fanny and Freddie down in 2008.
But California wants to give illegals $150K downpayment of your tax dollars for free
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