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Tag Archives: First-Time Homebuyers

Recovery Measures Strengthen; Young Employment Still Weak

In its latest barometer report, Trulia says new construction starts, existing-home sales and delinquency and foreclosure rates have all come closer to normalizing over the last quarter. One factor still hampering the recovery, however, is the unemployment rate among Millennials—a key group for household formation and first-time homeownership.

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May Inventory Surges; Lower Price Tier Still Struggling

The inventory of for-sale homes nationwide spiked in May, but the latest improvement isn't expected to do much for first-time homebuyers and other shoppers challenged by housing affordability concerns. According to Zillow, after dropping in 2012 and remaining low throughout 2013 and the start of 2014, the available stock of for-sale homes climbed 4.3 percent from April to May, marking the third straight month of gains.

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Half of Millennial Buyers Plan to Seek Help from Parents

According to a consumer survey conducted by Trulia, 60 percent of American adults age 18–34 say a lack of savings, poor credit, and severe debt stand between them and homeownership. As a result, 50 percent would have to ask for help from their parents or grandparents to put together enough money to clear the initial hurdle of making a down payment.

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Cordray: Student Debts Undermining Housing

Speaking before an audience in Boulder, Colorado, Consumer Financial Protection Bureau (CFPB) Richard Cordray addressed the growing amount of student loan debt—$1.2 trillion and counting—and how it will have negative ramifications on the housing market in the future.

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Credit, Financial Doubts Holding Young Renters Back

A breakdown of attitudes among young homeowners and renters by Fannie Mae’s Economic & Strategic Research Group finds that while most renters still dream of owning a home, few are taking steps to prepare for a purchase. Even among those who would prefer to own a home, the majority remain pessimistic about their ability to get a mortgage, with down payments and credit scores cited as the top obstacles.

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Best Housing Deals Now in the Mid-Tier Market

As home price growth continues to moderate to a more sustainable pace, real estate data provider Clear Capital sees another promising trend forming: The mid-tier housing sector now has the best deals for buyers, hopefully drawing more interest to the market’s largest segment. Dr. Alex Villacorta, VP and chief economist for Clear Capital, says the shift reflects how market drivers have had an impact on each tier of housing.

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What Recent Buyers Wish They Knew

In a survey of more than 800 recent homebuyers, Chase found approximately nine out of every 10 said that overall, they “felt prepared” when they purchased their home. Still, looking back, a combined 56 percent said they wish they were armed with more knowledge about making an offer and negotiating, the financing aspects of purchasing a house, and the actual details on closing the transaction.

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Survey: Fear of Rejection Freezing Potential Homebuyers

According to survey results released Tuesday by independent home lender loanDepot, 56 percent of Americans who don’t currently own a home but would like to purchase in the near future say they’re not pursuing it right now “because they fear they won’t qualify for a loan.” Among current homeowners who wish to re-enter the market, 30 percent hold the same fear.

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Existing-Home Sales Continue to Lose Ground

According to estimates from the National Association of Realtors (NAR), total existing-home sales in March came in at a seasonally adjusted annual rate of 4.59 million, a 0.2 percent slip from February’s downwardly revised pace of 4.60 million and hitting a nearly two-year low. Compared to March 2013, the sales rate was down 7.5 percent.

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Analysts: Despite Challenges, Housing Still Attractive

In an analysis gauging the recovery’s progress, Fitch Ratings listed harsh winter weather across the country as one of the biggest factors moderating the housing recovery, though higher interest rates and home prices have also provided some drag. Affordability will likely only deteriorate. Looking at 2014, Fitch expects new home prices to rise between 2.5–3.5 percent, with existing-home prices also moving up.

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