#5 First Time Buyers
The housing market's rebound was hard to miss this year, but not everyone rode the wave to better days. Missing were first-time buyers -- many of whom were either jobless or couldn't get a home loan, or both.
Those who tend to be first-time buyers, 25 to 34-year-olds, suffered far more joblessness than most other adults in the years following the recession. A year ago, unemployment among young workers was 9.2% versus 8.7% for all adults. The gap has narrowed recently. In November, unemployment among young workers had fallen to 7.9% versus 7.7% for all adults.
If the trend continues, this might help bring first-time buyers back into the market.
My Local Observations
- Our stronger employment and job market meant more first time buyers did purchase in 2012
- Expect more to buy homes in 2013 as they gain confidence in the economic recovery
Cheers!
Boyd
-Based on an article from CNN Money Watch
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