Downpayment Requirements Rise Since Crash

New York, NY, Feb. 16, 2011 -- Down payment requirements by banks to buy homes have increased substantially since the housing crash, forcing many people to rethink what they can afford, according to the Wall Street Journal.

The median down payment in nine major U.S. cities rose to 22% last year on properties purchased through conventional mortgages, the Journal reported. That percentage doubled in three years and represents the highest median down payment since the data were first tracked in 1997.

The Journal said the move to force home buyers to lay out more cash is driven mostly by banks, who are trying to discourage delinquencies.