Over a month after we all sat down and tried to improve our lives through our New Year’s resolutions, here is one that came up this year that is a little disheartening. Hopefully, this is a resolution that will not be kept. According to a Debt.com report, buying a home is not at the top of the ‘to do’ list…
According to a survey of mortgage banking executives, conducted at the MBA National Convention in Denver by Genworth Financial, there’s some good news on the home buying front. The survey results indicate that we’ll see the first-time home buyer segment of home purchases growing at a faster pace than other home sales. According to respondents: 57% see the first-time buyer’s…
We got some good news! Home inventories may be down, but first time home buyers are up. Sales this spring to first-time homebuyers were at their highest level since 1999. Woo-hoo!!! First-time homebuyers made up about 57% of the purchase mortgage market, with almost 970,000 new loans. That’s good for business. But, what happened to all the repeat buyers? Are…
According to Genworth’s most recent First-Time Home Buyer Market Report, first-time homebuyers play a pivotal role in influencing housing inventory and home prices because they represent the shift in demand from rental to owner occupancy. Talk about having a firm grasp of the obvious. Over the past 20 years or so, first time home buyers have represented about 45% of…
With times being a little tough for many lenders, I hate to bring up anything negative about potentials for increased lending, but I will. Although there is a shortage of homes in the range that would be considered as affordable, there is currently quite a bit of activity from first-time homebuyers resulting from the many low down payment programs and…
Maybe! But, is it the final answer? The challenge, as I see it today, is a shortage of homes available for sale at the entry end of the spectrum. Homes normally purchased by first-time and low to moderate income home buyers. These would be the ‘first rungs’ of the housing ladder. With many existing homeowners having refinanced and now staying…
