According to the National Association of Home Builders (remember the source!), mortgage lenders have
tightened credit guidelines so much they're squeezing about 500,000 first-time buyers out of the market. A
decline of that magnitude would reduce sales of new homes by 4% and sales of existing homes by 7 percent.
According to the association, about 2.5 million people will buy homes for the first time this year, down from 3
million in 2005.
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