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According to the latest REALTORS® Confidence Index survey, first-time buyers have declined in terms of numbers and percentages in recent months. Normally, first-time buyers are approximately 40 percent of the Existing Home Sales market; they have recently declined to the low thirties.
The change in market participation by first-time buyers seems to be reflective of the current unrealistic level of credit requirements by lending institutions. Many REALTORS® note in their responses to the survey that banks just aren’t lending to many credit-worthy clients. There is an unrealistic level of risk aversion on the part of many financial institutions.
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