Study: No-Money-Down Home Buying Potentially Dangerous

W*USA 9 News | Consumer - Study: No-Money-Down Home Buying Potentially Dangerous: "As housing prices soared last year, an eye-popping 43% of first-time home buyers purchased their homes with no-money-down loans, according to a study released Tuesday by the National Association of Realtors.

The trend is potentially ominous. The real estate market is cooling in some areas, and rates on adjustable-rate loans are creeping up. As a result, some no-money-down buyers could owe more than their homes are worth.

Who are entry-level buyers?
Survey of home buyers reveals:

Median age: 32

Median household income: $57,200

Median down payment: 2%*

Purchased with no money down: 43%
* � on home costing $150,000"
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