Prospective first-time homebuyers are facing stiff challenges as they enter today’s housing market – including finding an affordable home. A profound shortage of starter homes is limiting choices and raising home prices. According to data from Freddie Mac, first-time homebuyers are buying in record numbers despite these challenges. Excluding refinancing loans, first-timers constituted 46% of all new mortgages in the first quarter of 2018. That’s the largest share of first-time buyers recorded by Freddie Mac since they began collecting data in 2012 – and it’s a continuation of a general upward trend.
Source: Money Tips