First time home buyer market on the uptick

Despite slower overall home sales, the market for first time homebuyers is accelerating. According to a report from Genworth Mortgage Insurance, first-time purchase rate hit a high that hasn’t been seen since 2000.

“First-timers bought 601,000 single-family homes during the July-to-September period, compared with 567,000 during the third quarter of 2016, an increase of 6 percent,” said Credit Union Times. “These homebuyers accounted for 40% of all single-family homes sold and 56% of all purchase mortgages financed.”

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