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Platinum Super Contributor
buyinghouse
Posts: 5,877
Registered: ‎04-23-2011
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Housing market missing first time homebuyers!

                            Somehow, FHA tightening rules to blame.

 

As the housing market continues to show improved signs of strength, many first-time home buyers are failing to benefit from the broader recovery.

 

The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, released last week, found that first-time home buyers were purchasing only 34.7 percent of the homes sold in October. That's down from 37.1 percent in September, and is the lowest percentage ever recorded by the survey.

 

But according to the survey, first-time buyers are the only group that has not purchased more non-distressed properties in the last five months. Meanwhile, current homeowners are picking up an increasing number of properties, purchasing 54.4 percent of all homes in October, up from 50 percent in June.

 

http://homes.yahoo.com/news/first-time-home-buyers-missing-housing-recovery-162948646.html

 

  

Platinum Super Contributor
buyinghouse
Posts: 5,877
Registered: ‎04-23-2011
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Re: Housing market missing first time homebuyers!

[ Edited ]

   Out of 36 homes in pending status in the $275K price range or less in San Jose, 35 are short sales. I bet whatever that many were taken by the buddies of the sellers or investors. The real first time homebuyer is in the gutters.

Platinum Super Contributor
buyinghouse
Posts: 5,877
Registered: ‎04-23-2011
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Re: Housing market missing first time homebuyers!

  Does this mean all the Redfinnians here are investors?:smileyvery-happy: