Quote:
Originally posted by Porsche-O-Phile
Renting just sounds better and better. . .
20% down of a half million dollars for a "starter home"? Yea, that's fifty grand. Yep, lemmee pull that right out of my ass for ya'. 
Until lenders start realizing the absurdity of the situation out there, you're going to see first-time starts plummetting over the coming years. That is until (1) prices correct meaningfully and (2) lending institutions come up with ways to allow people to purchase that aren't so ridiculously risky or cost-prohibitive.
PMI is a rip-off. I'd never even consider it.
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Actually, it's worse - 20% of $500k is $100k. And I can't see it ever getting easier to buy a house than it is now. If anything, the feds will start clamping down on lenders for giving too many loans to people who should not get them. 100% loans won't go away, but the guidelines for such will tighten up.