FIRST-TIME BUYERS HAVE BOUGHT 985K HOMES THIS YEAR

Dated: 09/02/2018

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Home sales may be slowing overall, but not among first-time home buyers, according to a new report. Genworth Mortgage Insurance culled all publicly available government and proprietary mortgage industry data to see how this segment of buyers is faring in the housing market. In the first half of the year, first-time buyers purchased 985,000 single-family homes, the most during the first six months of a year since 2005, according to Genworth’s First-Time Homebuyer Report.

In the second quarter, first-time home buyers purchased 572,000 single-family homes, up just 1 percent from a year ago. But it’s the six-month snapshot over this year so far that economists say is important to take note of.

“The market needs to put this quarter’s slowdown in first-time home buyer purchase growth in context,” says Tian Liu, Genworth’s chief economist. “Because while quarterly first-time home buyer purchase growth was nominal, on a semiannual basis this group recorded the most single-family home purchases since 2005. That is impressive considering overall home sales declined by 2 percent during the second quarter, with unusually slow activity in June.”

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Jon Motsenbocker BRE #01950257

My name is Jon Motsenbocker and I was born and raised in Fresno, California. I've only had two hourly wage jobs in my lifetime. I've spent more than 30 years in commission sales, so I understand what ....

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