Boy oh boy, it just keeps getting better and better. I like to read up on the goings-on in other mountain communities here in Colorado, and the Summit Daily News is always a good place to go for a laugh or two.
Tonight, I happened upon an article titled 20 percent downpayment idea worries Summit County real estate experts. This precious piece quotes three types of 'experts;' realtors, mortgage brokers and the Summit County Housing Authority.
My favorite piece? This quote from the National Association of Realtors--an organization determined to get you into a home no matter how many children you have to sell or lifetimes you need to pledge to get you to sign on the dotted line--paying them six percent of the proceeds in the process:
"According to NAR research, 60 percent of recent home buyers made less than a 20 percent downpayment, and it would take 14 years for a typical person to save up a 20 percent downpayment to buy a median-priced home. "
Wow, the NAR was able to inflate home values so much over the last decade that it now takes the average worker 14 years to save up a down payment?
Yeah, let's go ahead and get those 20 percent down payments back so no one will buy a home until their values come down to meet reality. Then we'll be back on track. Call your Congressman and ask them to require sound lending practices once again.
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