Frightening news from the housing markets:
As housing prices soared last year, an eye-popping 43% of first-time home buyers purchased their homes with no-money-down loans, according to a study released Tuesday by the National Association of Realtors…
The median first-time home buyer scraped together a down payment of only 2% on a $150,000 home in 2005, the NAR found…
[Dean Baker of the Center for Economic and Policy Research] and other economists are concerned that many lenders have pushed a series of creative but potentially dangerous loans to help more Americans afford a home.
That 43% number is just staggering to me.