The Wall Street Journal published the above article indicating that those folks in the 20’s-30’s age group
are struggling to purchase their 1st home. The recession has left them with limited job prospects and lots
of education debt.
The article goes on to say they they have credit rating scores that preclude them from buying from traditional
FHA lenders. Before the recession and the real estate slide they would of been able to qualify.
This is another reason why the market has been slow to recover, especially in Fresno. We still have high
unemployment plus the issue mentioned above.
I have noticed new apartment units going up in the city. Since the young people can’t afford to buy, they’ll
be living in apartments and the market recognizes this.
Since late last year we recognized the softness in selling our single family homes and are adjusting accordingly.
I spoke to an agent in a large brokerage, he mentioned at their weekly meeting they expected sales to be flat through 2014.
Despite this, we are still buying houses to fix and resale and some to keep as rentals. Thus, if you need to sell and
would like a quick fair price offer, please call us.
See article in it’s entirety below: