First Time Home Buyers Face Challenges

New York, NY, Aug. 23, 2012 -- First-time homeowners accounted for just 34% of all buyers in July, according to the National Association of Realtors.

Although that figure is up slightly from the month and year prior, NAR nsays first-time home buyers account for 40% of purchasers under normal conditions.

First-time buyers have find it difficult to save up enough for a down payment.

In a survey by Trulia, 47% of all adults who'd like to buy a home said the down payment, which is usually at least 10%, is their biggest obstacle.

Many potential buyers are also facing higher unemployment rates.

Trulia's American Dream Survey, however, showed that large homes are still in demand and that 47% of renters said they would want wood flooring in their new home.


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