As usual, Richard Mize hit a home run with his recent review of the Housing Tax Credit.
Personally though, I don’t see a huge problem with the increased down payment requirements for FHA loans. Sure it makes it tougher for those looking to jump into home-ownership, and it slows sales to some degree, but a large part of the foreclosure problem in this country is due to homeowners’ lack of vested interest in their homes, making it far too easy for them to walk away when the going gets tough. A correction is in order, and will make a stronger market in the long run.
In addition, I have to take Yvonne Mitchell’s statement, “If you price your house just a little bit below market value, it’ll sell quickly,” to task. Very simply put, your home’s market value is dictated by what buyers are willing to pay for it. Therefore, if you have to price it lower to sell, then the market value has dropped.
While I’ll argue all day against the idea that Edmond and/or Oklahoma City is in a metro-wide decline, we have to be honest that some pocket areas are experiencing a downtrend.
About Ryan Hukill
Totally agree – credit has been too easy and look at the mess. 30 years ago everybody had to save for years to get a deposit. This will need a cultural change to work