Housing Recovery Is Leaving Behind First-Time Buyers
By Diana Olick, CNBC Correspondent
NEW YORK (CNBC) -- Current homeowners are finally moving up, and distressed sales are making up less of the overall market--all signs of much-needed improvement in housing.
Current homeowners accounted for 54% of October's non-distressed market, up from 50% in June, according to a new survey by Campbell/Inside Mortgage Finance.
This as the share of non-distressed sales surged to 64.7%, up from 55.7% as recently as February.Unfortunately, first-time home buyers are seeing just the opposite, largely left out of this surge in sales and prices. Their share of the market, usually up in the 40% range historically, fell to 34.7% in October, the lowest in the Campbell/IMF survey's three-year history.
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