From 2017 Nobody puts 20% down on a house anymore Published: July 25, 2017 at 7:51 a.m. ET https://www.marketwatch.com/story/nobody-puts-20-down-on-a-house-anymore-2017-07-24
Read this article recently and have been hearing for the last few years the trend has been putting the lowest amount of down payment as possible....most opting for 0-3%... Fools. For years banks have asked for 20% down on a mortgage, but cash-strapped Americans are buying homes with less Liz Knueven Feb 2, 2020, 10:15 AM https://www.businessinsider.com/personal-finance/20-percent-down-payment-rule-mortgage-homebuying
Foreign investors will certainly be buying up lots of foreclosure properties later this year at bargain prices. Real estate is likely a great play once prices come down, millions unemployed including homeowners who will have to sell this year
High priced homeowners ($1m+ homes) were already feeling the heat last couple of years because of the SALT rule. There was a 24 month inventory built up in the high end towns in my area. Now after coronavirus those are all but unsellable. Ive been seeing more foreclosures coming into the spring season. This could get very interesting...
That's correct. Homeowners need to brace for higher property tax rates, just like what happened during the last crisis - I remember mine almost doubled from 2007 to about 2013. Municipal governments need to keep those gold plated benefits and pensions for their workers with fewer homeowners available to supply the money.
What do you think landlords do when their RE taxes go up? It gets passed on. You either own and pay higher RE taxes or rent and pay higher rent.
The average credit score in the U.S. is 703, so almost half of the population is eliminated by that requirement alone.