Nearly 40% of homebuy¬ers are using Federal Housing Administration financing, according to a November survey of real estate agents. The monthly survey by the National Association of Realtors also found that first-time homebuyers are responsible for 50% o
"The FHA helps provide affordable mortgage financing to homeowners, particularly first-time homebuyers who are so important in draw¬ing down inventory to help stabilize the current hous¬ing market," said NAR president Vicki Cox Golder. The latest government data show that FHA en¬dorsed 92,900 purchase mortgages in November and 83% of the borrowers are first-time buyers. The NAR survey also tracks distressed sales and agents reported that fore¬closure and short sales made up 33% of home sales last month. Inves¬tors and first-time buyers are "competing" for fore¬closed properties, NAR said. "Realtors report that many buyers have pricing expectations that treat every property as if it were in foreclosure."
As reported by C & F Mortgage, Jan, 8, 2010
