First time home buyers bought almost half the homes sold last year

Almost Half Homes Sold Were To A First Time Home Buyer

First time home buyers dominate housing market in 2012

First time home buyers bought forty-six percent of the 6.8 million homes sold during the past two yearsaccording the National Association of Home Builders (NAHB). This is up significantly from 2005 and 2007 when only 35 percent of the homes sold were bought by a first time home buyer and is even higher than in 2009, the middle of the first time home buyer tax credit period, when first time buyers made up 41 percent of the market.

While the first time home buyer share of the market grows, the home builders languish with only 8 percent of the 6.8 million homes sold in the prior two years, or just over 500,000, being new homes. This is down dramatically, less than half in fact, from what it was even in 2009, another bad year for the new home industry however Continue reading “First time home buyers bought almost half the homes sold last year

84 Cities Listed As Improving Housing Markets in July

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According to the National Association of Home Builders/First American Improving Markets Index (IMI) that was just released, there are 84 cities in the U.S. where the housing markets are improving as of July, which is an increase from 80 cities the month before. The cities in the report are from 32 states, including 5 from Missouri; Kansas City, Jefferson City, Joplin, St. Joseph and Columbia.
This index looks at the progress the metro areas have made climbing out from the bottom of the market or, the “trough” in terms of the number of building permits issued, home prices and employment and, in order to make the list, the metro areas must show improvements in all 3 areas for six-consecutive months. Continue reading “84 Cities Listed As Improving Housing Markets in July

New reports paint bleak picture for housing market recovery

Dennis Norman St Louis Realtor - Housing Market - Housing RecoveryIt seems every time I start thinking it’s safe to use the “R” word (recovery) about the housing market, something happens to put the damper on it. The recent downgrading of the U.S. credit rating, which ultimately caused the Wall Street roller coaster ride, certainly hasn’t help. Then today, the National Association of Home Builders (NAHB) came out with a report saying “the recent economic news points to a slower housing recovery” and Fannie Mae, in their economic forecast released today saying “housing activity expected to weaken, despite recent declines in long-term interest rates”. Continue reading “New reports paint bleak picture for housing market recovery