The percentage of first-time homebuyers searching for a property fell to 35.7% in April, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. First-time homebuyers comprised 43.4% of the demand market in April 2010, when the homebuyer tax credit was in place.
The ongoing controversy surrounding foreclosures is taking its toll on the housing market as a significant share of home shoppers refused to even look at distressed properties in October, according to.
Reports of foreclosure disputes are sending buyers scurrying from short sales and transactions involving REO properties, on top of cancellations and delays stemming from servicing issues. Along with a reduction in the market share of foreclosure sales, fall-off in demand among investors and buyers.
First-time home buyers are retreating from the housing market, accounting for only 39% of home purchases in July, down from 48% in March, according to the latest Campbell/Inside Mortgage Finance.
In general, mortgage insurers, which pay lenders when homeowners default and foreclosures fail to recoup costs, have lost money over the past three years. MGIC, insured 97% LTV loans for first-time.
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What’s more, buyers of distressed properties have become gun shy due to the foreclosure processing problems, according to a Campbell/Inside Mortgage Finance survey of real estate agents. The poll found 14 percent of owner-occupant homebuyers and 6 percent of investors refused to view foreclosed properties in October.
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Foreclosure mess scares off homebuyers: Campbell/Inside Mortgage Finance Mortgage-backed securities issued by private firms now represent about 4.5 percent of the market, according to data from Inside Mortgage Finance and the Urban Institute. In 2006, the peak of the.
Double Dip In Housing Largely Caused By Failure to Prosecute Mortgage Fraud. There’s a double-dip in. according to a Campbell/Inside Mortgage Finance survey of real estate agents. The poll found 14 percent of owner-occupant homebuyers and 6 percent of investors refused to view foreclosed.
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According to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions, the ongoing controversy surrounding foreclosures is taking its toll on the housing market as a significant share of home shoppers refused to even look at distressed properties in October.
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