First Time buyers are the Home Buyers in April

 First Time Buyers are the Home Buyers in April

This is the results that our market has seen, but this also is the trend that they only purchased for the tax credit.If this is the spending of the home owners then were are only passing the debt. We still have not reached the bottom yet. It is good that the government has pulled out of housing, and now we might be able to bottom out the market and start to build upwards.


Indeed, first-time buyers accounted for nearly half of the homes purchased in April. Buying has also been spurred by historically low mortgage rates, which have been kept modest by the Federal Reserve’s recently expired $1.25 trillion mortgage-securities purchase program and by lenient lending standards at the Federal Housing Administration (FHA). In all, the US government, through Fannie Mae, Freddie Mac and the FHA, underpins about 95% of the mortgage market. “This is a market purely on life support, sustained by the federal government,” noted FHA’s head, David Stevens, at the Mortgage Bankers Association conference yesterday. His agency is tightening lending — which could take more buyers out of the market. via CNN Money