“If you have a job and can afford the payment, chances are you’ll qualify for a mortgage,” says
David Reed, a mortgage banker and author of
Mortgage Confidential: What You Need to Know ThatYour Lender Won’t Tell You
.Also noteworthy is the recent drop in jumbo mortgage loan rates and an uptick in the high-end of the housing market. The sector which was not bolstered by the $8,000 first-time home buyer tax credit is faring quite well, providing further evidence that the recent sales setback is simply a function of the market readjusting to the expiration of the tax credit.
Reason #6
The recent downturn in the housing market resulted in a drop in rental rates, but rents are back on the rise while the cost of home ownership has dropped. As the chart below indicates, as average apartment rental rates have slightly decreased, the decline has been moderate in comparison to home values, which have declined nationwide by 30 to 40 percent since the peak of the housing boom.
Mark Fuller is a leading real estate professional specializing in Luxury Homes In Houston Texas