Tight credit is frequent lament. In a Redfin survey , 16% of respondents stated that difficulty in obtaining financing was a challenge in the second quarter of 2014 compared to 8% in the first quarter.

This might be the perception, but the reality is that credit is gradually becoming easier to obtain, and that's been the case for the past two years. The Mortgage Bankers Association Mortgage Credit Availability Index continues to creep higher. In June, the index posted at 115.8 compared to 115.1 in May, which was better than the 113.8 in April. The index was set at 100 in March 2012.

To be sure, the younger crowd still has some difficulty with financing. As we noted a couple weeks ago, high student- loan debt is an issue. Obviously, that drives up the debt-to-income ratio. That aside, the issues aren't materially different for younger people today compared to younger people of previous generations. When starting off in life, most of us lack assets and have to scrimp to get head. That hasn't change.

The good news is housing continues to change for the better for all age groups. Price appreciation is falling back in line with historical norms. The prospect of slower price growth will bring more homes to market; there will be less incentive to hold out for a higher price. This, in turn, will further slow price growth.

The bottom Line: More people will be able to afford a home, and more funding will be available to those who want to buy a home. That's good news for everyone .

Information provided by Jessica Regan.

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