— Matt Vernon, Bank of America The housing market is out of whack. Mortgage rates and housing unaffordability have hit multidecade highs, and low inventory has made matters more difficult for would-be buyers across the board.
More than half of prospective buyers planned to speed up their home purchases, or buy when they originally planned, the bank found in a survey of homeowners and renters in May. They lamented high home prices, lack of savings for a down payment and other factors — but they had not given up on the dream of owning a home.
More more than half — 51% — of Bank of America’s respondents cited high rates and home prices as a challenge when it came to buying a home, and 37% cited low credit scores and a lack of cash as probems. But not having a down payment may be a blessing in disguise: Just 18% of consumers said it’s a “good time to buy a home,” according to a recent Fannie Mae survey,