Millennials Locked Out Of Real Estate Ownership Temporary Or Permanent

Dated: 07/30/2014

Views: 364

I have been writing for sometime now that you cannot have an economic recovery without the recovery filtering down to all levels and as you can see by this article the millennials, those 20 and 30 something, are definitely not looking at a recovery. Due to the housing bubble and subsequent crash caused by the greed, dishonesty and selfishness of there parents this generation may never live the dream of owning there own house. Pride of ownership and the accumulation of wealth that owning real estate brings could very likely escape them. Lenders with the backing of the Fed have made it impossible for younger people to get a mortgage ( along with every other age group), we see so many people in there 20's and 30's with $500,000 to buy an opening price point house in LA ( Santa Monica Real Estate or Brentwood Real Estate begins at almost $1,000,000) or if they can qualify for a loan they all have $80,000 - $100,000 for the down... WRONG.. They are not even able to rent they are staying home.. What will happen if this generation is not able to buy a home? Remember our economy and lifestyle is based on the Real Estate Market, the tentacles reaching most every part of the economy. My job as owner of West Los Angeles Real Estate Group is to help overcome the hurdles of owning real estate but we better change the direction we are going in if these large chunks of our population are to be involved with Real Estate and continue to grow our economy

Here is the article
http://www.inman.com/2014/07/07/millennials-will-soon-be-a-force-to-be-reckoned-with-in-housing-mark...
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Robert Schmalz - BRE 01813025

DBA "West Los Angeles Real Estate Group" ....

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