The American Dream of buying a home is becoming a more distant dream in the minds of American consumers. That's the conclusion of a new survey by Bloomington-based Country Financial. Troy Frerichs is senior investment officer at Country. He says 65 percent of respondents say they could not make mortgage payments after nine months if they lost their job. Frerichs says that also holds true for over half of Americans making around $100,000:
Frerichs says while interest rates are low, around 3 percent, and home prices are just starting to rebound, it's tough for many would-be homeowners to line up credit. He says that's because of government regulation after the easy credit days leading up to 2007:
Frerichs also says banks are reluctant to loan large amounts of money at such low interest rates when they could make nearly the same return, with no risk, by buying bonds.
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