12-11-2012 01:58 PM
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.
12-11-2012 05:44 PM - edited 12-11-2012 05:44 PM
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.