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Tag Archives: First-Time Homebuyers

First-Time Homebuyers to Make a Comeback

According to Diane Swonk, chief economist at Mesirow Financial, “the Great Recession delayed, but did not destroy, dreams of home ownership.” Now, increased job growth, a return of non-bank lenders to the mortgage market, and the expansion of low down payment options should prompt more buyers to enter the market, according to Swonk. According to the report, housing starts are expected to rise at a double-digit pace to 1.14 million, the first year above the 1 million unit mark since 2007. Single family starts are expected to show new signs of life. Home sales are expected to rise a moderate 3 percent to 5.7 million.

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First-Time Homebuyer Share Inches Up in January

First-time buyers accounted for nearly half of homebuyers taking out mortgages in January, improving just slightly from December, according to a metric released by the American Enterprise Institute (AEI). Isolating only the pool of purchase mortgages guaranteed or insured by the GSEs or the government, AEI estimates the share of first-time buyers was slightly higher at 56 percent.

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First-Time Homebuyer Share Rises in December

Researchers at the American Enterprise Institute's (AEI) International Center on Housing Risk estimate that Americans buying their first home made up about 50 percent of December's purchase mortgage market, up slightly from November.

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Report: Home Price Gains Slower in Millennial Markets

Asking prices on for-sale homes jumped 1.5 percent month-over-month in November, outpacing a pre-revised increase of 1.0 percent in October, according to property data firm Trulia. Examining local market data, Trulia found increases were largely split along age lines, with asking prices rising faster in metros predominantly populated by Gen X, baby boomers, and senior Americans compared to those occupied by more millennials.

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Realtors Urge Lawmakers to Think of First-Time Homebuyers

In a testimony before the Senate Banking Committee's subcommittee on housing, Mabel Guzman, 2014 chair of the National Association of Realtors' (NAR) Conventional Finance and Lending Committee, highlighted some of the biggest challenges constraining homeownership.

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Report: Buying a Home Twice as Affordable as Renting

Looking at trends in incomes, home values, and rental prices in the third quarter, Zillow estimates that U.S. homeowners spend on average 15.3 percent of their income on monthly mortgage payments. For younger homebuyers, who typically make smaller down payments, that figure is only slightly higher: 17.4 percent.

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Few Renters Expecting to Purchase a Home Anytime Soon

In a survey of more than 2,000 American adults, 61 percent of renters said they don't plan to purchase a house at any point in the next three years, Freddie Mac said Monday. When asked why they expect to keep renting for the near future, half of respondents said they can't afford to make a down payment for a mortgage, while 38 percent said they can't afford a monthly mortgage payment.

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Fannie, Freddie Introduce Low Down Payment Programs

By lowering the down payment down to 3 percent, leaders from the GSEs and the Federal Housing Finance Administration (FHFA) hope to increase homeownership and particularly household formation by offering loans to those who can afford mortgages but lack resources to make a 20 percent down payment plus closing costs.

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New Index Refutes First-Time Homebuyer Numbers

According to a new index released Wednesday by the American Enterprise Institute's (AEI) International Center on Housing Risk, an estimated 46 percent of mortgages made from October 2013 through October 2014 were for first-time homebuyers. Looking only at government-guaranteed loans, that share is closer to 52 percent.

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