Is a home the new luxury item?

Almost half of those people who don’t own a home said their financial situation is standing in the way, and since finances and bad credit are preventing home ownership for many, a single-family home may soon be considered a luxury item. According to a report by Bankrate.com, 29 percent said they can’t afford a down payment and 16 percent said their credit isn’t good enough to qualify for a mortgage. Despite mortgage rates near the lowest levels ever, housing prices are also still sky high in many parts of the country, making affordability an issue for many potential homeowners. In addition, low inventory has made the competition stiff for entry-level homes.

Read the full story at http://finance.yahoo.com/news/home-luxury-item-152203520.html