Lenders Heres How to Attract FirstTime Homebuyers

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first_imgFirst-time homebuyers, including millennials, are slowly but surely making their way into the housing market and lenders need to be prepared to grab their attention and keep it.The National Association of Realtors (NAR) recently reported that the share of first-time buyers remained at 32 percent in January for the second consecutive month and is up from 28 percent a year ago. First-time buyers in all of 2015 represented an average of 30 percent, up from 29 percent in both 2014 and 2013. During pre-crisis years, first-time homebuyers averaged 40 percent or more of the market.Freddie Mac’s VP, Danny Gardner, said that low mortgage rates, stabilizing housing markets, and the nation’s 86 million millennials and rapidly growing immigrant communities, are expected to produce about 1.2 million new households a year for the next ten years, based on statistics from the Harvard Joint Center for Housing Studies and the Collingwood Group.Gardner noted that more first-time homebuyers can be welcomed into the housing market if they are provided more information. “As an industry, we have to drive a stake through a few stubborn myths that are draining life out of the market. These familiar myths lead potential buyers to overestimate the credit, income and downpayment savings they need for an affordable mortgage,” he said.In addition, lenders can produce more sales to first-time buyers by getting myth-dispelling information into the hands of families who don’t know how ready they are to buy their first home and to families who gave up trying after being rejected for a mortgage once, according to Freddie Mac.Source: Freddie MacThe American Enterprise Institute (AEI) International Center on Housing Risk found that the share and volume of first-time homebuyers increased year-over-year in December.According to AEI’s First-Time Buyer Mortgage Share Index (FBMSI) released Tuesday, first-time buyers accounted for 56.7 percent of primary owner-occupied home purchase mortgages with a government guarantee in December 2015. This number is 1 percent above the December 2014 share of 55.5 percent.AEI credits “improvements in the labor market, riskier mortgage lending, and continuing low mortgage rates” for the spike in first-time buyers.“On a year-over-year basis, first-time buyer demand increased in December, continuing the trend of the last 14 months,” said Edward Pinto, Codirector of AEI’s International Center on Housing Risk. “Strong demand, in combination with shortness of supply, is driving home prices up faster than incomes and inflation.” March 14, 2016 500 Views Lenders: Here’s How to Attract First-Time Homebuyers in Daily Dose, Featured, News, Originationcenter_img First-tome Homebuyers Freddie Mac Lenders 2016-03-14 Staff Writer Sharelast_img read more

What an MLB source said about the Dbacks trade h

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first_img What an MLB source said about the D-backs’ trade haul for Greinke Top Stories Nevada officials reach out to D-backs on potential relocation “When you’ve been playing football for so many years, I don’t care if you lose by one point or 50 points, if you step on the field you expect to win,” Dockett said. “Losing by one point and saying ‘Oh it’s okay we only lost by one point, it’s a moral victory,’ that’s a guy that I would never want on my team.”Dockett says that he sees maximum effort from everyone in his locker room and the Cardinals are still confident heading into every game.“We’re learning, we’re facing adversity in a major way,” Dockett said. “We just have to find a way to get ourselves out of the slumps, we have nine games left, all winnable games.”Dockett remains confident that the Cardinals are close to becoming a winning team again. “No team is beating us, we’re actually kind of beating ourselves and our effort is at an all-time high,” Dockett said. D-backs president Derrick Hall: Franchise ‘still focused on Arizona’center_img Comments   Share   Cardinals expect improving Murphy to contribute right away Arizona Cardinals defensive lineman Darnell Dockett believes his team is competing at a high level and has faith they will turn things around. “At the end of the day we have a lot of football left,” Dockett said. “We win one or two in a row and this whole thing will turn around but right now we’re just scratching for that second win.”The Cardinals are coming off a game in which they blew a 21-point lead and lost to the Baltimore Ravens 30-27. It was their fourth loss by four points or less this season.last_img read more