The Re-emergence Of The First-Time Homebuyer

Remember the 90s? That's the last time first-time homebuyers purchased homes at the same level as second quarter 2017.

Do you remember the 90s? A Google search on highlights of the 90s include great topics such as:

  • The Budweiser Wazzup ads.
  • Bill Clinton and Monica Lewinsky.
  • The the birth of grunge Nirvana, Pearl Jam, etc. and the flannel shirt and grunge look.
  • Michael Jordan and the dominance of the Chicago Bulls in the NBA.
  • The Walkman (the precursor to the iPod if you don’t know what a Walkman is).
  • Preparing for the end of the world aka Y2K

All of these are long gone some thankfully, some missed.

But at least one thing now seems to be coming back: the re-emergence of the first-time homebuyer.

According to Mortgage Professional America, first-time homebuyers in second quarter accounted for the highest number of first-time homebuyers since 1999.

And according to Genworth Mortgage Insurance, first timers purchased approximately 570,000 homes in Q2. Genworth’s data says first-time buyers accounted for 57% of total home purchases in the quarter.

For those math-challenged folks out there, that’s more than half or one of every two buyers. WOW!

Click over to the Mortgages Are Memberlicious blog to finish reading about what credit unions can offer to first-time homebuyers.

September 7, 2017

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