First-time homebuyers are still crushing the mortgage market when compared with repeat buyers, according to a recent report by the Urban Institute (UI). Despite facing inflated prices, stunted supply, tight credit, and rental costs that make saving for a down payment difficult, first-timers have commanded the mortgage market for the past 10 years, the report revealed and The Urban Institute doesn’t see that changing anytime soon.Giving a brief background, the report indicated that theFederal Housing Administration (FHA), which makes low down payment loans available to borrowers with subpar credit, has typically targeted the first-time buyer market, who make up around 80 percent of the FHA’s total originations. That percentage plunged to about 75 percent during the recession but has tiptoed back up to nearly 83 percent today, UI reports.By contrast, the GSEs’ share of first-time homebuyers historically tracked much lower than the FHA’s, totaling about 25 percent during the early 2000s. During the housing bubble, it jumped to around 40 percent. After receding slightly during the recession, the GSEs’ share of first-timers has maintained an upward trajectory since 2013. It sits at nearly 50 percent today, the report notes.When combining the FHA and GSEs, the total share of first-time homebuyers taking out purchase mortgages in 2017 amounted to 60 percent—around 20 percentage points higher than the 40 percent pre-crisis average.Why the flood of first-timers post-crisis? The reason is two-fold, according to UI: “Partly, it’s the better economy. But a big chunk of the increase is driven by the pullback of repeat buyers.”The report found that between 2001 and 2007, repeat homebuyers represented anywhere from 1.4 to 1.8 million home purchases per year, while first-timers accounted for between 900,000 and 1.3 million. The two cohorts have since switched. Last year, repeat buyers purchased just over a million homes, while first-time buyers snapped up to close 1.5 million.“Falling house prices during the recession prevented millions of homeowners from accumulating equity in their homes, equity they have typically used to trade up to bigger homes,” UI reported.Since prices have picked up and home equity is rising again, will repeat buying activity reclaim its historic levels? “Probably not,” the report said.Owners may have more equity today, but most of them also have very low mortgages they locked in during the recession—when rates routinely measured below 4 percent. If, for example, a homeowner with a 3.5 percent rate wanted to upgrade to a different home, they’d have to secure a new mortgage at today’s higher rate.“Many homebuyers will likely find it much more economical to simply stay in their existing homes,” the report said. “This will continue to dampen repeat buying volumes and continue the dominance of first-time homebuyers in the housing market.”But those first-timers will, quite literally, be paying for that preeminent status, it notes.“Since existing homeowners won’t release their starter homes into the market, and since we aren’t making up for that deficit through new construction, prices will likely keep going up for first-time homebuyers,” it reported. August 20, 2018 1,635 Views Subscribe The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Buyers First-Time Homebuyers Homebuyers Homeowners Homes HOUSING loans Mortgages repeat buyers sellers Urban Institute 2018-08-20 Radhika Ojha in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily About Author: Radhika Ojha Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. The Best Markets For Residential Property Investors 2 days ago Have First-Time and Repeat Buyers Switched Places? Tagged with: Buyers First-Time Homebuyers Homebuyers Homeowners Homes HOUSING loans Mortgages repeat buyers sellers Urban Institute Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share 1Save Home / Daily Dose / Have First-Time and Repeat Buyers Switched Places? 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On Saturday night, Tedeschi Trucks Band returned to Chicago, IL’s Chicago Theatre for the second performance of their two-night weekend run. Next weekend, the band will return to the Chicago Theatre for two more nights (1/25-1/26) as part of their ongoing multi-night runs.Tedeschi Trucks Band is gearing up to release a brand new album on February 15th, SIGNS, marking their fourth studio album and first release since 2016’s Let Me Get By. The recently-released “Hard Case” was incorporated into the first set, amidst other TTB originals, “Don’t Let Me Slide”, “Laugh About It”, “It’s So Heavy”, and Made Up Mind“”, and well as a cover of Derek Trucks Band’s “Days Is Almost Gone”, and more.This tour marks the first without bassist Tim Lefebvre, following his Christmas Eve announcement that he’d be leaving the group and replaced by Brandon Boone for the January and February dates. Forever keyboardist Kofi Burbridge is also absent from this tour, as he takes time away from the band as a result of a recent follow-up procedure to a 2017 surgery, with Gabe Dixon coming on to fill the role until his return.Following a brief set break, Tedeschi Trucks Band opened up their second set with a cover of George Jones’ “Color Of The Blues”, before working through TTB originals, “Anyhow”, “Part Of Me”, “Shame”, “Midnight In Harlem”, and “Bound For Glory. Next, Derek Trucks, Susan Tedeschi, and their impeccable ensemble worked through covers of Sleepy John Estes’ “Leaving Trunk”, Rahsaan Roland Kirk’s “Volunteered Slavery”, and Johnny Moore’s Three Blazers’ “How Blue Can You Get”, before bringing the first set to a close with “I Want More”. A cover of Joe Cocker’s “Space Captain” served as Saturday night’s encore.In addition to their upcoming tour dates–including multi-night runs at the Chicago Theatre, Saenger Theatre, Ryman Auditorium, Warner Theatre, and more– Tedeschi Trucks Band will celebrate the official release of SIGNS with a show at Brooklyn Academy of Music in Brooklyn, New York on Wednesday, February 20th. Tickets for the album release show at Brooklyn Academy of Music are on sale now. Every pair of tickets purchased for this show will come with a digital download of the new album.Setlist: Tedeschi Trucks Band | Chicago Theatre | Chicago, IL | 1/19/2019Set One: Don’t Let Me Slide, Laugh About It, Hard Case, It’s So Heavy, Made Up Mind, Days Is Almost Gone, Comin’ Home, More And MoreSet Two: Color Of The Blues, Anyhow, Part Of Me, Shame, Midnight In Harlem, Bound For Glory, Leaving Trunk, Volunteered Slavery, How Blue Can You Get?, I Want MoreEncore: Space Captain
Congratulations to Jenna Hughes of Jac-Cen-Del, Kirsten Rickey of Oldenburg Academy, and Claire Volpenhein of East Central on making The District 3 Hoosier Basketball Coaches Association’s All-Star Team.2105 HBCS Girls District All-StarsCourtesy of JacCen-Del Girls Basketball Coach Scott Smith.
Tipperary’s Shane Long came off the bench to score the equaliser late in the game to keep his side in the hunt for Euro 2016 qualification.Ireland are on 8 points while Scotland and Germany are on 10 and Poland lead the group on 11.O’Neill says they could have stolen victory.
Footy-ghana.com understands that Al-Ain striker Asamoah Gyan is set to be named the new captain of the senior national team, the Black Stars, by the Ghana Football Association.According to our sources, the appointment will be initially for the 2013 African Nations Cup qualifier against Malawi in Accra and the friendly match against Liberia three days later, but Gyan could be set to captain Ghana beyond both games.Footy-ghana.com investigations reveal that in attempting to convince Gyan to end his temporary international retirement from the Black Stars, the captaincy issue came up as a topic for discussion, although it is not clear whether that proved to be the reason for Gyan’s return.Gyan, who did not play in Ghana’s last game against China despite being on the bench, has scored 28 goals in 61 appearances for the Black Stars.