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Article: Despite the mortgage rates, home-buying still is impossible for many. (Originated from Knight-Ridder Newspapers)
- Article from:
- Knight Ridder/Tribune News Service
- Article date:
- July 29, 1993
- Author:
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Copyright informationCOPYRIGHT 1993 Knight-Ridder/Tribune News Service. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With mortgage-interest rates at their lowest level in more than two decades, why aren't more people able to buy houses?
Two new studies give the not-so-surprising answer: Would-be buyers, especially those who want to buy for the first time, often lack the money to pay down payments and closing costs.
Despite the low interest rates and relatively stable housing prices in the current housing market, home-buying still is impossible for many, including some with steady jobs.
And unless legislators or lenders come up with solutions to the up-front-money problem, many would-be buyers will remain locked out of the housing market, the experts contend.
The money needed ...
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