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