According to NAR 51 percent of recent homebuyers are first-time buyers and 39 percent of recent home sales have relied on an FHA loan
Dennis Norman
Dennis Norman
The National Association of REALTORS just released a report showing that 51 percent of the homes sold recently have been to first-time home buyers and that 39 percent of all recent buyers have turned to an FHA loan for financing for their home purchase.
I think this clearly illustrates that the first-time home buyer tax credit,coupled with record low interest rates and drastically reduced home prices,is giving buyers,at least first-time home-buyers,the confidence to move forward in their decision to purchase a home. Oh what I wouldn’t give to be a first-time home-buyer today!
“FHA helps provide affordable mortgage financing to homeowners,particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,”said NAR President Vicki Cox Golder,owner of Vicki L. Cox &Associates in Tucson,Ariz. “These recent survey results reaffirm that,despite its current challenges,FHA is a critical part of the American housing fabric.”
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