The Commerce Department reports consumer spending rose 1% in September, for the biggest gain since 2009, when the economic recovery got underway. Economists expected a 0.9% increase due to hurricane-related spending. Personal incomes rose 0.4%, but the savings rate fell to 3.1% to the lowest level since December 2007.
In 2017, the median down payment among all home buyers was 10%, according to the National Association of Realtors, where it’s been for the past five years. But among first-time buyers, the median down payment fell to 5% from 6%. In its 2017 Profile of Home Buyers and Sellers, first-timers’ median down payments haven’t been above 10% since 1989, when they started keeping records. 1989 was the last time median down payments among all buyers hit 20%. NeighborWorks American, a national nonprofit that helps people achieve homeownership, conducted a survey that found that most millennials believe the minimum required down payment is 21%. In fact, plenty of lenders are offering low- and no- down payment mortgages. In some cases, like loans offered through the Veterans Administration, borrowers can finance their closing costs. And there are other options available for borrowers who need help with their downs.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
