cash buyers have the power in the phoenix real estate market

If you are wondering why the cash buyers are dominating the market place take a look at these recent statistics from Ellie Mae? which are the leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry. The results are rather startling. The majority of consumers are locked out of the home purchase environment. The ramifications are many, including rising rental rates.

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Recent Loan Statistics

750 fico score Average Closed Loans

704 fico score Average Denied Loans

649 fico score Average Applicant Age 25-34

645 fico score Average Applicant Age 25-34

658 fico score Average Applicant Age 25-34

691 fico score Average of ALL Applicants

It?s rather obvious that the people seeking loans poses credit scores well below the level of ?loans which are approved. Are all of these potential buyers not worthy of credit??

Source: http://phoenixrealestate411.com/home-buying/financing-is-tough-cash-buyers-power/

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