Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Real Estate

Student debt crushes homeownership dreams

Survey reveals women and Millennials are most impacted

Student loan debt has racked up a collective $1.5 trillion bill for 44 million Americans, and its crushing people’s homeownership dreams.

According to a recent survey by NeighborWorks America, people with student loans to pay off are delaying purchasing a home and many worry about this debt most or all of the time.

Student loan debt has ballooned 130% since 2008, according to the survey, and that’s why Millennials are taking the biggest hit.

Millennials are shouldering most of this debt, with 57% of them saying they are still paying bills for their education and 59% saying that they or someone they know has delayed purchasing a home because of their loans.

While 56% said they worry about this debt all or most of the time, 46% said they were unaware of local nonprofits offering free or low-cost counseling on how to best handle it.

The study also found that women are more likely to carry student debt than men, and that women of color were particularly impacted.

It also revealed that 38% of women said they knew someone who had delayed buying a home because of this debt.

“It’s important for people to have the tools and resources they need to be informed consumers from the moment they consider owning a home,” says Karen Hoskins, acting vice president of homeownership programs and lending at NeighborWorks America.

“A housing counselor can guide them through what often seems a daunting, confusing process," Hoskins added. "They also will benefit by thinking about nonprofits as helpful sources of services and information. Down-payment assistance is especially helpful for homebuyers who struggle because of student loan debt.”

Most Popular Articles

The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

Jul 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please