Arizona's Economy and Real Estate Market Updates

USA TODAY, reports that for first time home buyers, the market is more challenging now than at any time since the early 1990's due to tighter lending standards, more money required down and rising interest rates. Nearly half of first time buyers nationwide last year put down no money, according to the National Association of Realtors. The remaining first time buyers put down a median of just 2 percent of the purchase price. "I could put anybody in a loan last year," said Stephanie Gagnon, a senior loan officer at First Capital Mortgage in San Diego. But, "in the last six months, all the big lenders are shutting down all special programs they were working with because they've realized it's bitten them." Now, she says, "I'm turning away 50% of my first time buyers. They just can't qualify." And as lenders raise their standards for borrowers, the squeeze on first time buyers is constricting the broader real estate market and slowing the recovery. The article points out that many first time home buyers are moving back with parents or others to save more for a down payment, or using retirement funds to help with the down payment.
 
Posted by Teddy Castro on July 22nd, 2007 10:30 PMPost a Comment (0)

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