Poll: 49% of Consumers Unable to Afford a Downpayment on a Home

Although this article can be viewed as somewhat discouraging, the following DSNews.com article gives readers a realistic look at the current state of buyers in the real estate market:

“Revealing a discouraging forecast for the U.S. housing market, a recent poll of more than 2,000 consumers found that 49 percent of respondents feel they will never be able to save enough money for a downpayment on a home.

The poll, conducted by the National Foundation for Credit Counseling (NFCC), a national nonprofit credit counseling organization based in Silver Spring, Maryland, also found that just 12 percent of respondents feel they would have no trouble coming up with a 20 percent downpayment. An additional 20 percent said they would need a loan that allowed a much lower downpayment, and 18 percent said they would have to borrow the downpayment money regardless of how much is required.

According to the NFCC, finding the money for a downpayment for a home was historically only a problem for first-time homebuyers. But…”

Please go to DSNews.com webpage to read the remainder of their article.

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