NEW YORK (MainStreet) — The real estate market is on the move, thanks in large part to first-time homebuyers.
According to the American Enterprise Institute, last month first-time buyers accounted for nearly 56% of primary owner-occupied home purchase mortgages with a government guarantee, up slightly from the prior February. Additionally, the number of those mortgages going to first-time buyers over the six-month period ending last month totaled an estimated 667,000, up almost 4% from the 643,000 mortgages over the same six-month period a year earlier.
The study also shows first-time buyers with weaker credit are buying homes. "February's results show that first-time buyer volume and share remain strong," says Edward Pinto, co-director of the American Enterprise Institute's International Center on Housing Risk.