USA TODAY: …The declining share of first timers means that many have missed out on low interest rates — which recently moved up from near-record lows — and home prices that have risen sharply from their bottom.
“The people buying homes today … are participating in home price growth. Younger people, they are being left out,” says Lawrence Yun, chief economist for NAR. “It remains to be seen when the first-time buyer can return.”
Home prices were up 12% in April year over year, market researcher CoreLogic says. Last week, average rates for the 30-year-fixed rate loan popped well above 4% for the first time since late 2011, Freddie Mac said. They’re likely to stay there for the rest of the year before moving higher in 2014, some economists say… (more)
