First-Time Home-buyers, First-Time Home-buyers, Wherefore Art Thou First-Time Home-buyers?
First-time home-buyers are down. Their numbers are dwindling and the SFR (Single Family Residence) American Dream of the picket fence home is suffering! Over the past few years home prices have been on the recovery path, but the home buyer purchasing their first home just isn't following that trend.
There are many factors that may have push to this effect, like home price sticker shock, tight credit, uneasy job market, and the new urban trend towards rental developments like PUDS (Planned Unit Developments - condos, townhouses, apartments, etc.), but there are also many favorable factors for first-time home-buyers, like low mortgage rates, buyer programs and still low prices when compared to the ridiculous high home prices of 2006.
Here's a quick video from CNBC with Diana Olick reporting the trend: