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Buying a Home - Essay Example

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This essay "Buying a Home" analyzes the housing market trends. The writer investigates several factors that affect the rise and fall of mortgage rates around the country and states that the federal rate has a significant impact on economic growth and important implications for the country's economy…
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Buying a Home
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Download file to see previous pages Coming back to the real world, we find that the income situation does not permit anything even close to the dream house described and shown above. In fact, based on the calculations made by Ginnie Mae (2006), the house I can afford should be about $130,000. I can not afford my dream house simply because it is fantastically expensive compared to my earnings and what I can feasibly secure a loan for (Bankrate, 2006). That particular house is a 3 Bed, 2 Bath, 1,019 Sq. Ft place which is located in Orlando, FL. and it was built in 1954 (Realtor, 2006).
Nothing much can be done to solve the problem unless there is an impulse of income for me because the dream house is far out of my reach. The amount of loan I can afford depends on my current income, the amount of available down payment, the current debt, and the ability to return the loan over a given period (Bankrate, 2006). To make the dream home a reality, I can hope to either win the lottery or work hard towards substantially increasing my income.
Since 2001, the housing market has seen its ups and downs but the general trend has been upwards. For instance, the lowest point came towards the end of 2001 where only 1,500,000 new housing units were started but the high point came in 2006 when more than 2,200,000 houses were started (Fed Reserve Bank of St. Louis, 2006). This data related to both the demand and supply for the houses since it shows the number of new houses that were created based on demand and satisfied by the supply.
The most recent data shows a drop in the construction of new houses which have dropped to the levels shown in 2002. The last update in June shows that 1,850,000 new units being developed. On the other hand, the Civilian Noninstitutional Population has been on a continual rise since 2001 going from less than 215,000,000 to more than 228,671,000 in June 2006 (Fed Reserve Bank of St. Louis, 2006). This has a positive effect on demand. ...Download file to see next pagesRead More
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