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Housing Trend Update - First Time Home Buyers Not Buying?

I read an interesting article published by Campbell/Inside Mortgage Finance/Housing Pulse, on how first time homebuyers are not riding the wave of this recovering market. The  Housing Pulse  is based on a national survey of more than 2,500 real estate agents each month and provides up to date intelligence on home sales and mortgage use patterns throughout the United States. As a panel member, I participate in these survey's on a monthly basis.

In November's publication, the results showed the first time homebuyer's share of home purchases fell to 34.7 percent in October.  That was not only down from the 37.1 percent share seen as recently as June, but also the lowest first time homebuyer share ever recorded in this survey.

This decline comes at the same time that purchases of non-distressed properties has risen significantly this year.  Non-distressed properties share of home purchases climbed 64 percent in October.  That was up 55.7 percent back in February and the highest non-distressed share recorded by the Housing Pulse.

First time homebuyers are the only group tracked by the Housing Pulse that have not seen their share of non-distressed ho0me purchase rise over the past five months.  Current homeowners have seen the biggest jump in purchases of non-distressed properties with their share rising from 50 percent in June to 54 percent in October.  Even investors saw their share of non-distressed property purchases inch higher from 11.3 percent to 12.2 percent over the past five months.

A key factor in the first time homebuyers purchase is the availability of financing.  50 percent use FHA financing, but FHA insurance premiums are increasing and underwriting is becoming more strict.  Private mortgage insurance has started to fill the gap, but the long term status of private mortgage insurance is in question pending the publication of the Qualified Residential Mortgage regulation.

In a further blow to first time homebuyers, the FHA announced last month that it plans to raise mortgage insurance premiums by an additional 10 basis points in early 2013 as an effort to improve the financial condition of the cash-strapped FHA mortgage insurance fund.


























38 Comments to Housing Trend Update - First Time Home Buyers Not Buying?:

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North Vancouver real estate agent on Thursday, December 20, 2012 7:30 AM
I never thought that this topic could be so interesting. I’ll suggest you to my friends.
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Sherry Renfroe on Friday, December 28, 2012 10:45 AM
Thanks Vancouver! Keep checking back as I will have more blogs posting than ever, especially with the new year about to start.


Luxury Homes in Toronto on Tuesday, September 17, 2013 2:11 AM
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Pre engineered metal building erectors on Wednesday, January 16, 2013 9:07 AM
The states are suggesting the same thing and it looks that first time home buyers are not taking the risk of investing in current market situation.
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Shaon on Wednesday, March 06, 2013 12:34 PM
Pretty cool update about housing trend. Whatever information you have shared here will be very handy for me because I'm a real estate agent. Thanks
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This survey will definitely impact on the real estate market.Informative blog about the real estate market.Thanks for such a nice blog.
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housing community in south Australia on Monday, August 12, 2013 6:19 AM
At this time housing trend is in boom,actually i also plan to buy a new house and this post really works...thanks
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Me neither. Nevertheless he is there inside the beltway, ostensibly looking to balance the needs of the housing market and the options available to consumers - would-be home buyers.
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