Over 20% of homeowners with a mortgage (13.7% of the all homes) owe more than their home is worth. This makes sense on a number of different levels and is not as negative as it looks at first glance. Values have come down and if - and a lot did - purchased with little or no down payment at the height of the market they obviously owe more than what the home is worth now. One thing that is overlooked is that many of those buyers choose to keep their down payment in other investments (IRA, cash, etc.) or they payed off other consumer debt keeping their total monthly cash outlay lower. See the previouse post about home appreciation.
Over 20% of homeowners with a mortgage (13.7% of the all homes) owe more than their home is worth.
This makes sense on a number of different levels and is not as negative as it looks at first glance. Values have come down and if - and a lot did - purchased with little or no down payment at the height of the market they obviously owe more than what the home is worth now. One thing that is overlooked is that many of those buyers choose to keep their down payment in other investments (IRA, cash, etc.) or they payed off other consumer debt keeping their total monthly cash outlay lower. See the previouse post about home appreciation.
On average, homeowners stay in their houses for six years. At the end of this period, their home has likely appreciated sizable. For buyers purchasing a home with the intent to live in it for the next several years, tumultuous market conditions do not affect their long-term plans. On average, homeowners stay in their houses for six years. At the end of this period, their home has likely appreciated sizable. For buyers purchasing a home with the intent to live in it for the next several years, tumultuous market conditions do not affect their long-term plans.
On average, homeowners stay in their houses for six years.
At the end of this period, their home has likely appreciated sizable.
For buyers purchasing a home with the intent to live in it for the next several years, tumultuous market conditions do not affect their long-term plans.
Here are the facts on resale homes in Ada County. Year Units Sold 2001 3,539 2002 4,685 2003 5,275 2004 6,004 2005 7,351 2006 6,547 2007 5,173 2008 3,371 Through Oct 08. 4,000+ project for 08 This year will be the 7th best year in resale home sales in Ada County EVER! Granted this is down from the high point of 2005 but lets have some perspective here. I think anyone would agree that 05 & 06 were a bit out of wack.
Here are the facts on resale homes in Ada County.
This year will be the 7th best year in resale home sales in Ada County EVER!
Granted this is down from the high point of 2005 but lets have some perspective here. I think anyone would agree that 05 & 06 were a bit out of wack.
Many loan programs have been eliminated over the past year but if you are in a “qualified profession” (residents, physicians, orthodontists and dentists) there are some very attractive loan options even if you are new on the job.
I know of a young couple who had accepted his first physician position in September and were looking to buy their first home. He had just finished his residency in July were he was earning typical resident salary. His newly accepted position as an ER doctor was to pay nearly the same per month as he made in 45 days as a resident. His first pay check covered his down payments and the basic loan requirements allowing them to purchase the home they had worked so hard for. This doctor program is available in 34 states with some states allowing for 100% financing!
A good option for this type of financing can be located here.
Many loan programs have been eliminated over the past year but if you are in a “qualified profession” (residents, physicians, orthodontists and dentists) there are some very attractive loan options even if you are new on the job. I know of a young couple who had accepted his first physician position in September and were looking to buy their first home. He had just finished his residency in July were he was earning typical resident salary. His newly accepted position as an ER doctor was to pay nearly the same per month as he made in 45 days as a resident. His first pay check covered his down payments and the basic loan requirements allowing them to purchase the home they had worked so hard for. This doctor program is available in 34 states with some states allowing for 100% financing! A good option for this type of financing can be located here.