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.