Aug 03

First Time Home Buyers Make Up Smaller Share of Buyers

First Time Home Buyers Make Up Smaller Share of Buyers.

First Time Home Buyers Make Up Smaller Share of Buyers

First Time Home Buyers Make Up Smaller Share of Buyers

 

The share of First Time Home Buyers on the market is falling to historical lows, despite record levels of housing affordability. With record low mortgage rates and falling home values, many would expect First Time Home Buyers to be flooding the market for their chance to get part of the American dream.

However,  the number of First Time Home Buyers is shrinking, falling in May and June, even as the housing market shows signs of picking up. According to National Association of REALTORS® housing data, 32 percent of buyers in June purchased their first home. Yet, the historical average tends to be 40 percent.

Meanwhile, investors offering all-cash deals for properties is soaring, prompting some analysts to point the finger at cash investors for increasingly shutting out First Time Home Buyers in the market.

Investors, with their attractive cash bids, have been flooding the market with purchases of entry-level homes and foreclosures, while the home buyers continue to struggle to secure financing from banks’ tightened lending standards as well as save for a down payment.

Source: “First-time Buyers Slipping as Share of Home Sales,” The Oregonian (July 30, 2012)

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