2018 was the Best Year for First-Time Home Buyers in 12 Years
Despite a market slowdown and various other challenges, Mortgage Professional America (MPA) Magazine is stating that first-time home buyers of single-family homes in 2018 went up by one percent since the previous year. There were more than 2 million first-time buyers, making last year the highest number since 2006.
The author of the article, Steve Randall, states that, “first-timers mostly opted for low down payment mortgages.” However, nearly 682,000 buyers did use conventional mortgages with private mortgage insurance (PMI) to finance their first home purchase.
The articles sites Tian Liu, Chief Economist with Genworth Mortgage Insurance. He says looking ahead at the future, “first-time homebuyers may be in fear of overpaying during the market slowdown which could make the slowdown last even longer.”
Liu says that this is an important reminder to the housing industry and policymakers of the importance of housing affordability.
To read the full article in MPA Magazine, click here.