Buyers are finding creative ways to afford the down payment. The Wicklunds put down only 5 percent, part of which was a gift from Julie's grandmother. Ten percent of all single-family home sales in King County last year were for that amount or less. Seattle Habitat for Humanity builds and sells homes for families meeting low-income requirements. The nonprofit organization has about 80 applications for the 10 or so houses it builds each year.
Most buyers are recent immigrants.
All are renters. They often have just found cheap, lousy rental units or are in apartments that are way smaller than the family should be living in. So for those who get turned down, the situation is dire. As he sees it, the problem is that too many people don't realize how affordable housing is. Twenty-five percent of the population in the Greater Puget Sound area could own a home but don't know it.