Housing Hoedown

After rising by 28% in 2012 and 18% in 2013, the 923,000 housing starts in 2013 were the sixth lowest amount since record keeping began in 1959, with only the prior five years being worse. As for single-family starts, despite having risen by 24% in 2012 and 15% in 2013, they came in at 618,000, the fifth worst year on record, with only the prior four years being worse.

Don't get me wrong! Positive numbers are positive but what is the real truth? If the United States population grows exponential since 1959, one would think that the Housing market would too. Population in 1959 was 177m and 2013 was 315m. That is 177% growth! Was the opportunity today they same as 1959? Was the Mortgage Industry softer? I have taken numerous application over the last year and less and less have money to put down on a home. When I ask, "How much do you have to put down?", many times the answer is nothing! When I purchased my first home my wife and I put 20% down. We thought that was what you did. In today's world, people are strugling to put 3.5%, the FHA minimum which is less then the 5% for a Conventional loan.

Just wondering what the underlying truth really is. For assistance in purchasing a home, please call me at 937-550-6530.