In other cases, owners cannot sell their house because the person who wants to buy it cannot get a loan. Lending requirements have changed for people trying to buy a home or refinance an existing loan.
Banks are looking more closely at income, debts and credit history. They want more proof that borrowers will have enough money to repay their loan.
FAITH LAPIDUS: In some areas of the country, sales of new homes are at their lowest level since the nineteen sixties. So what would Peter Schiff advise his family or friends if they asked him about buying a home right now?
PETER SCHIFF: "If you can put very little down and lock in low rates, depending on the property and how long you’re planning on staying there, and what the relative rents are for the same or similar properties where you are, for some people buying can make sense. But don’t look at it -- it’s not necessarily an investment, it’s just something that would make sense for you right now.
"I don’t think people should be buying real estate as an investment right now or investment properties, especially if they have to put down twenty or thirty percent. I think that there’s much better things to do with their down payment than buy a piece of property."
CHRISTOPHER CRUISE: Greg McBride from Bankrate.com agrees that buying a home might still make sense, as long as people do not expect short-term gains.
GREG McBRIDE: "Buying a house is a lot like getting married: You have to be in it for the long haul, and be prepared for the commitment -- in this case, the financial commitment that's involved with owning a house."
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2013-11-25
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