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Why HENRY Can’t Get a House
There’s a donut hole in the real estate, and it’s about $2 million wide.
For a story I recently wrote for CNBC.com, I talked to real estate brokers and experts around the country about the future of the luxury housing market. (Read Luxury Homes Go Begging.)
The upshot: If you have gobs and gobs of money, as usual, you’re fine. And the under-$1 million segment is starting to do better. Prices have come down substantially and buyers can get loans, because Fannie Mae and Freddie Mac are still guaranteeing and securitizing mortgages (bundling them together and selling them). But that only applies to loans under a certain amount—$729,000 in the most expensive parts of the country.
The challenge is if you’re a HENRY, says Peter Grabel, a private mortgage banker with Luxury Mortgage. That stands for High Earner, Not Rich Yet…
Recession Briefing 7.2
What you need to know today to survive and thrive in the recession.
Gripped by the worst economic crisis in its history, Harvard University is in deep financial trouble, and no one can decide who’s to blame. (Vanity Fair)
Across the country, summer camps have reported drops of 10% to 20% in enrollment. (TIME)
Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent. (Associated Press)
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