Not so fast — it will take a while to even save for 3% down, considering that many people in “less stellar” areas are living day to day. And have credit card debt to pay down before a bank will even look at them.
It has been calculated that the lowering in gas prices will only save the average American $600 per year. Doesn’t buy much house, especially if interest rates rise.
Bonus points if SUVs and less efficient cars turn into status symbols again, thus nullifying any possible saving for the average schmoe.
