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INTERESTING INFO ON WHO IS BUYING AND HOW THE HOUSING MARKET HEALS FROM THE BOTTOM UP
The market always heals from the bottom up" according to Paul Bishop, National Association of Realtors Vice President of Research. According to the recently released sales numbers 47% of buyers this past year were first time home buyers.  Surpassing the previous high record of first time purchasers set back in 1991
 "These buyers are critical to housing and a general economic recovery ...they absorb inventory, free existing owners to make a trade and stimulate related goods and services " said Bishop.  He compared this rise to the last recession in 1991, where the same dynamic played out "first time home buyers started the chain reaction that led the nation out of recession" he said.   Bishop credits tax incentives,record high affordability, and pent up buyer demand to this spike in recent sales.   Economists would also credit the FED with suppressing any immediate rise in interest rates affecting home mortgages while the economy is still so fragile.  
BUYER PROFILES ARE ALSO DIFFERENT THAN ONE WOULD EXPECT  
The median age of a first time home buyer is 30 indicating that some are younger and some are older. They are planning to live in their homes for at least ten years. The typical ... more

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