The Return of the First-Time Buyer
Homebuilders are reporting that they are seeing more activity from first-time buyers now than in the earlier part of the housing recovery. While the first phase of the recovery was characterized by strong sales at the upper-end of the market, a significant component of which was driven by foreign buyers, and relatively low sales volume, it appears that the housing market is shifting into a mode that will be driven by first-time and entry level buyers and, hopefully, higher volumes. This dynamic should have a positive impact on the overall economy.
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Existing Home Sales Dip
