First-time Buyers called "Missing Link" in Recovery

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Posted To: MND NewsWire

The share of first-time buyers is at the second lowest level in over 30 years the National Association of Realtors (NAR) said on Thursday. The 2015 release of its annual Profile of Home Buyers and Sellers reveals a home buying market driven by repeat buyers in two income households . Historically first time buyers constitute nearly 40 percent of primary home purchases but have declined in NAR's survey for three consecutive years and now have only a 32 percent share. NAR's chief economist Lawrence Yun called first-time buyers the missing link in the housing recovery and said there are several reasons why there should be more of these buyers in the market. He cited continuing low interest rates, healthy job prospects for college graduates, and the increasing costs to rent. "Unfortunately, there...(read more)

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Source: http://www.mortgagenewsdaily.com/11052015_buyers_sellers.asp

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