Columbia, SC – September 12, 2011 – (RealEstateRama) — Future homebuyers across South Carolina soon may not have access to affordable mortgages. That’s just one of the many issues the National Association of REALTORS® (NAR) and the South Carolina Association of REALTORS® (SCR) wants residents to know about as the Home Ownership Matters Bus Tour pulls into town on September 19.
“Home ownership is under attack, and we want to make sure that people understand what’s at stake, said Rusty Garrett, 2011 President of SCR. “Whether you own a home today or want to in the future, it’s important for all of us to engage on these issues right now. With this bus tour, Realtors® hope to give people the opportunity and the resources to make their voices heard.”
The Home Ownership Matters Bus Tour will be at the SCR office, from noon to 1:00 pm on September 19. Members of the public can meet with Realtor® leaders and local officials to discuss their concerns and learn more about the issues that may affect their ability to buy, sell or own a home in the future.
If some regulators get their way, many future borrowers may have to come up with a 20-percent down payment under a proposed Qualified Residential Mortgage rule. Borrowers with less than 20 percent down would have to choose between higher fees and rates – up to three percentage points more – or a 9-14 year delay while they save the necessary down payment.
According to the recently released 2011 National Housing Pulse Survey, 71 percent of Americans say requiring a down payment of twenty percent on the cost of a home would have a negative impact on the overall American housing market.
“NAR estimates that it would take 14 years for the typical American family to save enough money for a 20 percent down payment. And, strong evidence shows that responsible lending standards and ensuring a borrower’s ability to repay, have the greatest impact on reducing lender risk, and not high down payments,” said Garrett.
Ongoing news and information for the tour will be posted on HouseLogic at www.houselogic.com/bus. House logic is a free source of information from NAR that helps homeowners maintain and enhance the value of their homes and engage in issues that affect their local communities.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 14,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.
Sharon (at) screaltors (dot) org