Tag Archives: First-Time Homebuyers

Empty-nest baby boomers own twice as many large U.S. homes as millennial parents living with children, a new Redfin report showed, as nearly half of all boomers are now living mortgage-free, with no motivation to sell in such a volatile market.

While mortgage rates have moderated, housing market challenges such as affordability and rising home prices continue to hinder homebuyers nationwide.

According to a recent Realtor.com survey, more than half of all first-time homebuyers indicated that now is a good time to buy, as moderating price growth and mortgage rates are expected to help improve affordability throughout 2024.

A new report notes that 2023 foreclosure filings were up from 2022 but still below pre-pandemic levels. "Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility," said Rob Barber, CEO at ATTOM.

While the total number of listings is down year-over-year, a new Redfin report revealed that mortgage applications are rising as more home sellers list their homes on the market, offering buyers a lower rate from their October-high and more inventory to choose from.

December’s new mortgage-backed securities issuance by Ginnie Mae will support the financing of nearly 95,000 households, including more than 47,000 for first-time homebuyers.

“This holiday season, homeowners are the ‘grinches,’ hoarding housing supply from willing buyers and keeping upward pressure on prices," said Mark Fleming, Chief Economist at First American. But the question remains: Will the New Year offer discouraged homebuyers more hope?

Taking a look back at the significant milestones it has achieved, HUD continues to focus on expanding access to homeownership, supporting home retention, and addressing racial bias nationwide.

In its Annual Financial Report, Ginnie Mae highlights its financial performance and accomplishments over the past year, as it supported affordable, equitable homeownership and rental housing for tens of millions of American households.

Affordability may make a resurgence in 2024, and markets such as Toledo, Ohio; Oxnard, California; and Rochester, New York are being singled out as potential hot markets. Here are the other markets that are primed to perform next year.