Are intergenerational wealth transfers the primary means to down payments across the Bay Area or the US? The latter doesn't comport with my friends experience, but I'm always easily persuaded by hard data. Any references?
The reason it's poor is because everyone has an incentive (bank, broker, parents, you) to under-report the parental funds. Parents send the gift money in advance (3 months to be exact), banks look the other way to meet equity requirements and the transaction takes place.