Survey Finds First-Time Buyers in Short Supply to Absorb Distress
First-time homebuyers – a segment that typically targets distressed homes – currently make up just one-third of the market. While this is what would be considered their “normal” market share, it falls short of what’s needed to offset the large volume of distressed properties coming down the line, according to the research firm Campbell Surveys.
Survey respondents in April reported that potential first-time homebuyers are having trouble finding foreclosed homes in move-in ready condition.
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Fifty-five percent of damaged foreclosed properties were bought by investors in the month of April, while only 27 percent were bought by first-time homebuyers, according to the HousingPulse Survey.