When the real estate market crashed a decade ago, banks changed many of their guidelines and policies regarding the purchase of real estate, thus making buying a home difficult for many individuals and families. The days of financing 100% and all closing costs, while perhaps even getting some extra money by way of a line of credit immediately at the initial purchase of the home, have all but disappeared. Most lenders today require large down payments towards the purchase of real property, interest rates have recently risen, and income and credit rating requirements are looked at much more today than before the crash.
As a result of the difficulties associated with buying a home, rental prices have increased dramatically.