The truth from the ground, based on the extensive footwork due diligence I conduct plus emails from readers around the country reporting similar observations, is that the inventory of
home listings of soaring (the published inventory reports by design have 2 - 3 month lag), prices are dropping quickly, the time it takes to sell a
home is increasing significantly and,
most important, the potential pool of middle
class home buyers no longer have an income level that will support the size of mortgage it takes to «buy» a
home.
Here in Minnesota, like
most other states, to obtain down payment assistance as a first time
home buyer, you ARE REQUIRED to attend a Minnesota state approved 8 hour
home buyer education
class.
The first thing to understand, is
most mortgage programs DO NOT REQUIRE a
home buyer education
class, UNLESS you are getting down payment assistance.