- Mortgage rates are at a three-year low and housing price appreciation has cooled, but many Americans seeking to buy their first home are facing tough times.
“The problem for first-time buyers is still supply,” said Doug Duncan, chief economist at Fannie Mae in Washington. First-time buyers bought 559,000 single-family homes in the second quarter, down 4% from a year ago, a report from Genworth Mortgage Insurance released on Wednesday showed. The interest rates on conventional 30-year mortgages, or those with loan balances of $484,350 or less, averaged 3.90% in the week ended Aug. 16. This was the lowest reading since November 2016 and down from 4.81% a year earlier.
This Boomer would put a small home on the market. But. Locally, three huge plots of land have beeen stripped of trees (with the promise of affordable condos) only to be replaced with grande sized expensive homes. Would like a new home. Don’t want to be house rich and pocket poor.
A high-priced dried real estate market is unhealthy, on the other hand an oversupply that also brings the prices back to normal and you can afford a property again!
Dear America - if this is what a first-time buyer's potential property looks like Stateside, you're winning, no matter what. Well done chaps.
Not true. Lots of supply just not those that appeal to first time buyers who want it all, now.
Winning
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