It also shows either; 1. Housing costs are too high to be affordable for a lot of people, or 2. People are simply trying to buy more house than than can afford.
Hope I've helped and Best of Luck to you!
Native American Group Realty
That's a question many Realtors are working to address for our buyers now that they've gotten rid of the down payment assistance programs. Those programs though were removed because of the amount of foreclosures currently. After review, lenders and govt. realized that many that were being foreclosed upon had no money invested in the transactions to lose and because of the loses, many banks have tightened up their guidelines to further prevent future loses. But, we (agents and realtors) are working hard to push to get some of those programs back on board/approved as I used them 3 times last year for some of my buyers. Heresay is that it's being reviewed..perhaps everyone pushing can bring some of the programs back.
On a positive note..there are still no money down programs still available though if you qualify. VA eligible can buy a home with no money down and the FHA VHDA still has a 100 plus loan if your income doesn't go over the limits. You can also receive monies as a gift from a friend or family to put down on a home. My lenders have all the current amounts, guidelines if you want additional information.
As with anything, there is always a way to make things happen.. We just have to be more creative now than we used to be. This is where hiring a good lender and Realtor for your next home purchase will be crucial and planning out how to make it happen.
Let me know if you need additional help..
ABR (Accredited Buyers Representative)
ASP (Accredited Home Staging Professional)
Virginia Beach, VA