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Lewes, Delaware
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August 26, 2011     Cape Gazette
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August 26, 2011

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50 FR,O AOGUS MOND A GUS 29 201 With the t-man- to the point whqre most prospec- cial and housing turmoil tive b,omeowners are shut out stil on mind, federal the to take ac- far in our said to strengthen ' Greene, 2011 t resident the coumry's suksex But real es will around t] cally at t County Asso- Ciation contend taking |USINESS & REAL ESTATE taining their own homes." According to the recently re- leased National Housing Pulse Survey, a telephone survey of 1,250 adults nationwide conduct- ed on behalf of the National As- sociation of Realtors, more than half of self-described working- class homeowners and 57 per- cent of African-American home- owners said they would not have been able to afford their current home if a 20 percent down pay- ment was required. Additionally, 71 percent of re- spondents say requiring a down payment of 20 percent on the cost of a home would have aneg- ative impact on the overall American housing market. these ne ac- to Says NAR President Ron tually luse re harm than Phillips, the leading advocate good in 1 he k erm, adversely re for home ownership, NAR sup- mpactin g ady fragile re- Ul ports a reasonable and affordable 0,ery 0 !the )n's real estate w require cash investment requirement markets, pc t down coupled with quality credit stan- iii Atissu e is t :oposed Quali- pm dards, strong documentation and fled Resilient! iortgage rule, a w ss than : d sound underwriting. A narrow requirement e Dodd-Frankw have to t,,s definition of O.RM, with an un- financial[reform tct. Mortgages hi fees and ) 3 necessarily high down payment that meet the defnkition won't be ce ge points requirement, will increase the subject a rul that lenders te. st rate, or multiyear d cost and reduce the availability must ret n 5 percent of the risk w ile they saveilp the money of mortgage credit, signific,,antly 0n any lc )riginate. necessary d wn payment, delaying a housing recovery. In the( nding require- 'lWe are already seeing tight- The Sussex County Associa- ments vent many ofenlng credit across the boflrd as the que e loans thatbanks and fede regu!atid as are tion 0f Realtors was chartered in helped c to the recent making it harde to borro .m. on- recessio )rst since the ey, land this wi]j surely coptinue days Of ! )epression in moving forward,, sa :d Greene. e Unit, BUt there is a " " we at SCA jOR, and our Real- d geril ,far, ofessen- tor counterpa rts arouffd the ffall3, baby out with country, urge r gulat0rs t0 pro- ce d with caution. Surely flae e s ebath " " r, ,, Whil erstand the a v ay we Can e sure stability in need for rsight topre- the mortgage lending markets vent a hat has hap- while still givifig honest, hard- pened st few years, meri ans a reasonable requirements purchasing and main- / GEORGETQWN Situated down a lmathena@psre. 26273 HOLLYVILLE RD, MILLSBORO This house is has large ~ooms. long, prWate lane, this cuhtom built horob is loaded With 17he kitchen has 1 e w/2 microwave 1949 and has steadily grown in size, scope and mission during its more thansix decades in Sus- sex County. It is a professional trade association with goals of carrying out a program of educa- tion and advocacy for real estate in the county. For friendly, hometown service, call or stop in to Open an account in just minutes, and make more mo 1-302-349-4512 Toll free: 1-888-765-6654 502 E Market St, Greenwood, DE 19950 MyDiscoverBa n Celebrating 100 years of service to Sussex Banking HoursLobby Drive Thru Monday-Friday 9:00AM-6:OOPM 8i30AM-6:00PM Saturday 8:30AMal :00F'M 8i 30AM-1:00PM Cape SCAO is a resource f4r the public, well as a recognized advocatelfor property riglals and propert r owners in S ssex County. To read more about is- sues relaled to Sussex CoUnty's real estate industry, o-to NK