First Time Home Buyers
The number of first-time home buyers rose to 47 percent of all home sales during the past year, up from 41 percent last year, according to NAR’s 2009Profile of Home Buyers and Sellers. The increase marked the highest on records dating back to 1981. The previous high was 44 percent in 1991.
“These buyers are critical to housing and a general economic recovery because the market always heals from the bottom up – they absorb inventory, free existing owners to make a trade and stimulate related goods and services,” said Paul Bishop, NAR vice president of research.
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