Help Keep the Dream of Home Ownership Alive.

Stop the 20% Down Payment Requirement.
A new and costly rule called Qualified Residential Mortgage, is being considered right now by federal regulators. If the proposal goes through, it will require homebuyers to make at least a 20% down payment on a home purchase. The federal regulators have taken a new law passed by Congress intended for banks to do a better job of securing loans and instead are trying to turn the rule into a penalty on homebuyers.

Forget the idea of a 10% down payment or even a negotiated amount. It’s a fact: many hard-working, credit worthy Americans have a difficult time saving for the down payment to buy a home. If enacted, the new federal regulation will make it even more difficult for many Americans to buy their next or first home. Suppose you wish to purchase a $200,000 home. The proposed 20% down payment means you will need at least $40,000 upfront to satisfy Uncle Sam’s requirement. Similarly, in high cost areas, on a $500,000 home purchase, you’ll be required to put up at least $100,000.

Take Action Now: Regulators in Washington need to hear the voices of home owners as they make their policy considerations. This is why your input is so important. Please send a letter to the U.S. Dept. of Housing and Urban Development (HUD) to ask that they drop the proposed 20% down payment requirement. Taking action is easy and takes just a few seconds of your time. We have already drafted the letter for you and you can add your own comments as well.
www.homeowneractioncenter.com

May 2011 Housing Outlook

For the 12-month period spanning June 2010 through May 2011, Pending Sales in the Washington D.C. region were down 7.4 percent from the same period a year prior. However, the largest gain occurred in the $1,000,001 and Above range, where they increased 4.0 percent to 2,631 units.

The overall Median Sales Price was up 0.4 percent to $265,000, and most property type segments were consistently steady. However, the Median Sales Price of Condominiums has actually declined by 7.0 percent in the last year. Market-wide, inventory levels were down 9.9 percent. The property type that shed the least inventory was the Single-Family segment, where it decreased 7.2 percent. The price range in which supply grew the most relative to demand was the $200,001 to $300,000 range, where months supply increased 12.5 percent to 6.7 months,

S&P National Housing Report PDF - Washington DC & Seatle UP