Buying Isn't for Everyone: Most Foreclosures Happen at the Intersection of Inexpensive Homes and Easy Money

blackenterprise.com: "Some people shouldn't buy homes, even if they can qualify for a loan.

That's a new warning from a growing number of advocates generally devoted to increasing home ownership among lower-income families in Charlotte and nationwide.

They say people who bought homes under the loosened lending standards of the last decade often agreed to terms that significantly reduced the benefits of home ownership.

Low down payments meant less home equity. High interest rates meant less chance to build equity. And with prices flat or falling in many lower-priced Mecklenburg neighborhoods, some owners tied up their income in property they may not be able to sell soon -- at least not for a profit. "
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