Market Matters

Why More Renters Aren’t Buying (Hint: Weak Incomes, Savings) Source: Wall St. Journal Younger workers and other renters lack the capacity to purchase a home, as a new survey shows borrowers want to buy, but they can’t cut it financially. A majority of renters opt against owning because their incomes or savings are too low, or their debts too high, to handle homeownership. Around 40 percent, moreover, say their credit isn’t good enough. Strict mortgage lending standards have contributed to low homeownership levels among this demographic. Read the full story

How to shop for the best mortgage rate Source: CNBC   While mortgage rates have been relatively stagnant this year, home prices and mortgage rates are expected to increase over the next few months. CNBC has compiled advice on shopping for the right mortgage from experts in the field. For example, Craig Strent, CEO of Maryland-based Apex Home Loans, cautioned, “Don't overpay for your mortgage. One of the biggest mistakes home buyers make is to take a 30-year, fixed-rate mortgage when they don't need it.” Read the full story

Riverside County development to test vigor of area's housing recovery Source: LA Times The first phase of Spring Mountain Ranch, a 785-acre master-planned community nestled in a canyon northeast of UC Riverside, is set to launch in October and it’s one of the largest projects of its kind in 20 years. Observers of the housing market will be closely watching the fate of the development and whether homes sell well because it represents a big bet by developer IStar Financial that the housing market in this epicenter of the foreclosure crisis has healed significantly. Read the full story