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Down Payments Plunge As US Housing Bubble Cools
Down payments are plunging in the US housing market.
I should probably refrain from weighing in on this particular aspect of home-buying because as one mortgage banker acquaintance not-so-patiently explained to me last year when I pushed back on her description of industry practices aimed at promoting equal opportunity homeownership, "My job isn't to keep single mothers out of homes."
She was referring specifically to my contention that banks should require considerably more in the way of a fi
Lower down payment implies higher debt servicing cost (PMI, points, rates, amortization) which is a risky choice with prices high and slipping. Suggests people really seized on the recent dip in mortgage rates to get their foot on the ladder, regardless of how slippery the rung may be or the ladder starting to sink into the ground?