he achievement of The California Association of
homeownership for many has Realtors and the National
been a cornerstone of their Association of Realtors has
financial stability. Many baby identified Housing Affordability
boomers have found themselves as one of the critical issues
property "rich" as property facing the industry. Many cities
values have continued to have, in response to calls for
skyrocket in the last five years. action, started working on
Although very thankful for their policies to help make housing
own good fortune, many baby more affordable. The
boomers are now seriously Homeownership Alliance, an
concerned about the prospects of alliance of varied industry trade
their children ever being able to association and non-profit
afford to purchase a home. With associations, has published a
the median sales price of a survey of different programs
California home exceeding across the country that have been
$550,000, less than 14% of all acknowledged as providing
California households are able to workable solutions to this
qualify. The ability to qualify problem. Ultimately, the health
is based on the buyer coming in of the real estate industry
with a 20% down-payment, and depends on the ability of buyers
using a 30 year fixed rate loan to buy, providing those who wish
with current interest rates at or to sell the means to do so. The
slightly above 6%. If the incomes full report can be found at
of the offspring of the http://www.HomeownershipAlliance.
baby-boomer generation are com.
analyzed separately, they are
even less likely to be able to Baby boomers who want their
qualify. children to enjoy the benefits of
homeownership can assist their
offspring by teaching them what it. As a method of instruction, a
it takes to own property. The parent could assist their adult
sooner a parent is able to get child to purchase a property
their child started on such an jointly with them, and assist
investment, the more likely the them in the management of the
success. There is hardly any property. In time, as they learn
better time than the present, if to handle the finances and
the capacity is there. Today's management of the investment, a
real estate environment has parental decision can be made to
generated tremendous amounts of partition the gains. Eventually,
equity, and there is no one more the parent can help their
capable than us to assist "our" children gain financial
children in ensuring that they independence by making that
will be able to afford a home. decision to partition the gains,
Our children will generally see or by "gifting" them their (the
what we do successfully and will parent's) interest as a reward
use that as an example of how to for the adult child's successful
live their lives. This mentoring completion of the "mentoring"
generally occurs subconsciously, program.
and is even more powerful if
conscious attention is paid to
About the Author:
Nef Cortez has been dealing in real estate and foreclosures for over 29 years. For real estate trends and free foreclosure lists please visit http://www.nefcortez.com
Source: www.isnare.com
