First time buyers at 17-year high, 56% of home loans

first-time buyers

An analysis of 21 million first-time homebuyers over a 24-year period shows that demand in the third quarter of 2017 was the highest since the millennium. Genworth Mortgage Insurance says that 601,000 homes were bought by first-timers in the three months to the end of September 2017, up from 567,000 a year earlier, a 6% rise. This was contrary to the wider housing market with repeat buyers in the quarter down 5% year-over-year (888,000) as affordability issues for movers is exacerbated by low supply. First-time buyers accounted for 40% of…

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As home prices surge, Fannie- and Freddie-backed mortgage limits rise

home prices surge

A federal regulator raised the dollar amount of mortgages that would qualify for backing by Fannie Mae and Freddie Mac as home prices around the country continue to swell. Starting in 2018, the maximum conforming loan limit will be $453,100, the Federal Housing Finance Agency said Tuesday. The FHFA regulates Fannie and Freddie, which help enable homeownership by buying mortgages extended by banks and other lenders. The 2018 loan limits are nearly 7% higher than the 2017 cap of $424,100, an amount that represented the first increase in nearly a…

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First time homebuyers fall to 4th lowest share since 1981

first time homebuyer

Student debt amounts continue to increase First time homebuyers continue to struggle to enter the housing market amidst limited housing inventory, falling to the fourth lowest level since 1981, according to the National Association of Realtors’ 2017 Profile of Home Buyers and Sellers report. The share of first time homebuyers in the housing market decreased from 35% in 2016 to 34% in 2017. The in 36-year history of NAR’s report, the long-term average of first-time homebuyers rests at 39%. “The dreams of many aspiring first-time buyers were unfortunately dimmed over the past…

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Home Sales In Nassau’s South Shore Soar In Second Quarter

A new report showed that home prices on the South Shore of Nassau County jumped in the second quarter of 2017, reaching a seven-year high. Prices rose across Long Island as sales also went up during the first half of the year. Homes were also selling faster than they were in the beginning of the year. Lots of records are being set on Long Island right now.  This quarter saw the most sales in 15 years with dwindling supply and rising prices contributing to the strength of the market. In…

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