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EMC / Bears Stearns Instigate Midwest Mortgage Crisis - Spurs Innovation

Homeowner finds innovative uses with "For Sale" signs

Millennials Feel They Have No Problems Qualifying for a Mortgage

Popular culture and mass media have spent so many years discussing millennials as if they’re frozen in time as teenagers that it's easy to forget, by most definitions, even the youngest members of the generation have graduated college. Millennials now represent the largest segment of new homeowners and, according to a new survey from the National Association of Realtors, feel confident about qualifying for the mortgages they need to afford those homes, especially when compared to older Americans. But is this confidence rooted in reality?

Who feels good about qualifying for a mortgage?

The data from the NAR reveals only 21% of respondents who don't currently own a home and are 34 years old or younger feel qualifying for a mortgage will be "very difficult." That's a smaller share than any other age cohort in the survey. In addition, more millennials feel qualifying for a mortgage will be "not very difficult" or "not at all difficult" compared to other age groups, with the sole exception of those aged 35 to 44.

The 2018 year in review for housing: A pivotal year for the market

Home prices pump the brakes toward the end of 2018

Home price appreciation rose steadily in 2018, but it began to slow toward the latter half of the year. The rate of home price increases has fallen from 6.8 percent to 5.5 percent in the past six months, according to a report by CoreLogic . Affordability pressures affected demand in 2018, which was compounded by rising interest rates .

“Prices are rising, but in the second half of the year, the price growth has measurably slowed compared with the first half of the year,” says Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors. “I think in 2019 we may actually have a year where income growth might finally outpace home prices. I expect home prices to soften to only 2.5 percent growth in 2019.”

Home prices in the fourth quarter of 2018 were at their least affordable level since the third quarter 2008, according to ATTOM Data’s U.S. Home Affordability Report . The property data company calculates affordability by the percentage of income needed to purchase a median-priced home relative to historic averages.

Poll: What is your mortgage payment and Insurance cost for your 2+ bedroom / 2 bath HOUSE and what region?

We live in Lawton Oklahoma and we have a 1600sqft 3 bedroom, 2 full bath house with an attached 2 car garage, large privacy fenced in yard and covered patio. Our mortgage payment is 644 a month, 80 for taxes and 80 for insurance for a total of 804 a month.