Even the daughter of the CEO of the largest U.S. mortgage lender is found it hard to buy a home in one of the country’s hottest housing markets.
On a conference call Tuesday, Wells Fargo WFC +1.14% & Co. Chairman and CEO John Stumpf offered up his daughter as an example of the difficulties first-time buyers face in San Francisco, thanks to the influx of affluent tech industry employees and the lack of housing supply.
Mr. Stumpf was responding to an analyst question about where first-time home buyers have returned to the market. While Wells Fargo executives noted that credit on a national basis has become easier to obtain and houses have become more affordable, that’s less true in expensive urban markets like San Francisco where the bank is based.
“My daughter and son-in-law bought a house recently. You have to write a letter to tell them how nice you are, tell them how many children you have,” Mr. Stumpf said, adding that sending a “nice letter” to the sellers is simply the price of admission to participate in the bidding process.