Survey Says 1st Timers Are Ready To Buy

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The recently released Campbell/Inside Mortgage Finance HousingPulse Tracking Survey – which measures home buyer traffic – found there are more buyers looking to purchase a home this spring than last and many of them are first-timers. Typically, first-time home buyers represent about 40 percent of all home sales. However, in recent years, the number of young Americans purchasing homes has fallen, largely due to an underperforming job market and the lasting effects of the most recent recession. This year, many analysts have predicted an uptick in sales and, particularly, an increased number of sales among first-time buyers. The survey, which looks at data through the end of February, shows they may be right. In fact, the results found a nearly 4 percent increase in the number of sales among first-time buyers from last year’s level. Tom Popik, research director for Campbell Surveys, said the expectation that mortgage rates will rise over the next year could be helping motivate potential home buyers to purchase in the coming months. He also believes recent changes in mortgage financing, aimed at getting more participation from first-time buyers, may be helping. More here.

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