MReport May 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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18 | M R EP O RT FEATURE GAME OF HOMES F or many Americans, achieving the American Dream of homeowner- ship is the be all, end all of goals in life. Stashing away savings and accumulating the funds required to make what is often the largest financial purchase of one's life is the endgame for many Americans. Outside of the basic need for shelter in which to function and raise a family, many also see homeownership as an investment that will financially secure their future. However, for today's homebuyer, the doorway leading to the American Dream has become more elusive than ever, with many seeing the door slam shut in their face as affordability factors block the path for a whole new gen- eration of potential buyers. Imagine working to achieve enough for a down payment, disciplining your credit score to qualify for the lowest rate possible, and narrowing down that hunt to a select few identified as "dream homes"… only to have the carpet pulled from beneath your feet because you were outbid by a cash-flush bor- rower who swooped in at the last minute. Hopes and dreams can be dashed in an instant as competing market forces wipe away aspirations of homeown- ership nationwide. As the quest for the American Dream continues, homebuyer competition intensifies amidst rising rates, record high prices, and insufficient inventory. By Eric C. Peck

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