HOUSING AFFORDABILITY FALLS IN Q3 TO A FOUR-YEAR LOW Down Payment Assistance Programs Could Be a Solution

HOUSING AFFORDABILITY FALLS IN Q3 TO A FOUR-YEAR LOW

Down Payment Assistance Programs Could Be a Solution

PROVO, Utah—November 6, 2004— Homebuyers found it more difficult to come up with the money to purchase a home in the third quarter as housing affordability dropped to a four year low.

According to the National Association of Realtors (NAR), the general housing affordability conditions remained favorable during the third quarter, despite the decline that was blamed on rising home prices. Individual Realtors, however, disagree.

Homes are "becoming less affordable and affordable homes are becoming less available," said Dan Windsor, real estate agent for Century 21. "We are in a housing affordability crisis nationwide."

The NAR's composite housing affordability index was 128.6 during the third quarter of 2004, down 3.7 percentage points from 132.3 in the second quarter.

As housing affordability drops many hard working families question whether they can purchase their dream of homeownership.

"Down payment assistance programs are keeping the door open by making home ownership more affordable,' said Paul Merrill, President of Buyers Fund Neighborhood Gold.

Buyers Fund-Neighborhood Gold is the leader in the down payment assistance industry that has helped thousand of families across the country move into a home with no money down.

"I've seen down payment assistance programs benefit so many people,' said Carol Cogan of Carol Cogan Real Estate in Connecticut. "If only the word would get out it could bring affordable housing to so many more deserving people.'

The largest obstacle in purchasing a home is the down payment. Not everyone has thousands of dollars saved up. Or, if families do have savings, they may choose to keep it for a rainy day. Buyers Fund -Neighborhood Gold is a non-profit organization, which provides grants for prospective homeowners.

"It (Buyers Fund-Neighborhood Gold) helps us put deserving people into affordable homes and as Realtors that's what we do,' said Windsor.

###




***
Press contacts:
Rod Waller, Buyers Fund-Neighborhood Gold PR, 888-627-3023, ext. 371, rod@buyersfund.com
David Ahrens, Buyers Fund-Neighborhood Gold PR, 888-627-3023, ext. 367, david@buyersfund.com


In July 1999, Buyers Fund, a 501 (c) (3) non-profit organization, was formed to help home buyers receive down payment assistance. They pioneered same-day funding, flexibility in changing grant requests at a moment's notice, and mortgage payment protection insurance. Buyers Fund has also become well-known for its customer service and is recognized throughout the industry for its premier grant-processing staff. It is renowned for offering a nationwide network of premier sales professionals who provide education, training and marketing support for real estate professionals. Buyers Fund-Neighborhood Gold has experienced impressive growth in less than five years—from six home buyers taking advantage of their services the first month to approximately 3,300 home buyers using their services to purchase homes during a recent month. Since its launch, it has helped over 75,000 home buyers with more than $376 million in grant money.

www.neighborhoodgold.com