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WSJ: Home Buyers Will Need to Put More Money Down

  • February 16th 2011

by UrbanTurf Staff

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WSJ: Home Buyers Will Need to Put More Money Down: Figure 1

Last week, the Obama administration put forth a proposal that called for raising the minimum down payment to qualify for a conventional loan to 10 percent of the purchase price of a home. And that 10 percent number actually seems low compared to what banks in major cities are now requiring based on data reported in a Wall Street Journal article this morning:

The median down payment in nine major U.S. cities rose to 22% last year on properties purchased through conventional mortgages, according to an analysis for The Wall Street Journal by real-estate portal Zillow.com. That percentage doubled in three years and represents the highest median down payment since the data were first tracked in 1997.

While the article points out that the measure by banks to require more money down is aimed to shield them from risk, the combination of that move and increasing mortgage rates could have a negative effect on the recovery of the country housing market.

Read the full article here.

See other articles related to: mortgage rates, mortgages, obama, the wall street journal

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/wsj_home_buyers_will_need_to_put_more_money_down/3003.

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