There has been much conversation regarding the lack of first time home buyers in today’s real estate market. However, three recent reports seem to suggest that they are now entering the market in increasing numbers. The most recent Existing Home Sales Report from the National Association of Realtors (NAR) reported that:
“The percent share of first-time buyers rose to 32 percent in May, up from 30 percent in April and matching the highest share since September 2012. A year ago, first-time buyers represented 27 percent of all buyers.”
And, in a recent Washington Post article, Ken Harney revealed that:
“According to a June 19 Campbell/Inside Mortgage Finance tracking survey, which polls 2,000 real estate agents nationwide, first-time buyers accounted for nearly 39 percent of home purchases in May; that’s the highest level since August 2010.”
Also, according to American Enterprise Institute's International Center on Housing Risk’s May First-Time Buyer Mortgage Risk Index (FBMRI), the share of first-time buyers stood at an estimated 52.2 percent. Lawrence Yun, the Chief Economist at NAR explained:
"The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs."
It seems that the number of first time buyers is increasing for the first time in a long time. This further lends credence to the fact that the residential housing market is back.
Source: www.keepingcurrentmatters.com
222 East 18th Street
Cheyenne, WY 82001
Phone: 800-280-8655
Direct: 307-634-5941
Toll Free: 800-280-8655
Fax: 307-632-1015
NOTICE: This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states.
Third-party web sites may have privacy and security policies different from Wallick & Volk. Links to other web sites do not imply the endorsement or approval of such web sites. Please review the privacy and security policies of web sites reached through links from Wallick & Volk web sites.
Wallick & Volk Corporate NMLS #2973. View full list of license and disclosures
Privacy Policy | NMLS Consumer Access | Disclosures and Licenses | Unsubscribe
Copyright © Wallick & Volk 2016. Additional Copyrights