From CNBC:
Housing Recovery Is Leaving Behind First-Time Buyers
Current homeowners are finally moving up, and distressed sales are making up less of the overall market?all signs of much-needed improvement in housing.
Current homeowners accounted for 54 percent of October?s non-distressed market, up from 50 percent in June, according to a new survey by Campbell/Inside Mortgage Finance.
This as the share of non-distressed sales surged to 64.7 percent, up from 55.7 percent as recently as February.
Unfortunately, first-time home buyers are seeing just the opposite, largely left out of this surge in sales and prices. Their share of the market, usually up in the 40 percent range historically, fell to 34.7 percent in October, the lowest in the Campbell/IMF survey?s three-year history.
The National Association of Realtors put their share even lower, at 31 percent.
Either way, they are the only group of buyers that have not seen their share of non-distressed home purchases rise over the past five months. The mortgage of choice for these buyers, FHA-insured loans, are increasingly tough to obtain.
From HousingWire:
The vanishing first-time homebuyer
It was only a matter of time before the market learned the true fate of the young, first-time homebuyer who may have a solid credit history and a good job, but lacks a 20% downpayment.
The reality is they are disappearing before our very eyes.
And the type of middle-class borrower that used to help drive new home sales is lost in translation as regulators continue to create a housing market that, while more careful in its future construction, may be more disruptive to the American dream.
If you read reports from Real Estate Economy Watch and Campbell/Inside Mortgage Finance, it seems first-time homebuyers make up less of the market today. In fact, Campbell/Inside Mortgage Finance said its HousingPulse Tracking Survey shows the share of first-time homebuyer purchases now at 34.7%, down from 37.1% in June and the lowest percentage in the survey?s history.
Real Estate Economy Watch notes the number of singles buying homes is declining, and the median credit scores for adults in the 25-34 and 35-44 ranges remain below the median scores required by the Federal Housing Administration and the mainstream providers of conventional mortgages.
While married buyers are still able to obtain the credit to access loans in the first-time homebuyer segment, the question is whether other borrowers are stumbling on tighter lending standards and an overregulated mortgage space.
Both sources reporting on this issue this week suggest lending standards are too tight. And at a time when rents are going up, a substantial portion of the first-time homebuyer market is not being served.
Source: http://njrereport.com/index.php/2012/11/27/the-elusive-first-time-buyer/
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