When Parents Become Lenders : Family-financed down payment loans are increasingly common.

The Philadelphia Inquirer reports:

With tightening credit markets, low savings rates and stagnant wages, many first-time homebuyers find themselves struggling to amass a down payment.

The solution? Parents.

Twenty-seven percent of first-time homebuyers received a down payment as a gift from “the good ol’ bank of mom and dad,” says Walter Molony, economics spokesperson for the National Association of Realtors.

The solid foundation of the real estate rally! Of course , we are joking.