I like to keep tabs on some news and articles involving real estate, and this post from the New York Times on mortgage preapprovals in America is a bit alarming for people looking to buy their first house. Of course for those of you familiar with real estate and buying a home, getting preapproved for a mortgage is the first step to owning your first house.
However, when you look at this article and the graph at the beginning of it, you will notice that it is becoming increasingly difficult to get preapproved for a mortgage. It is a very competitive and ever changing process, and some people just don’t seem to be able to afford a mortgage on a new house.
So take some time to look over the article if you are planning on buying an Encinitas house in the near future, or any home in San Diego or California for that matter.