Market Wire, December, 2009
According to the most recent
Realtors Confidence Index , 39 percent of recent buyers purchased a
home with a Federal Housing Administration-insured loan. Realtors who
took part in the November survey also reported that the number of
first-time home buyers continued to climb to 51 percent.
“FHA helps provide affordable mortgage financing to homeowners,
particularly first-time home buyers who are so important in drawing down
inventory to help stabilize the current housing market,” said NAR President
Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz.
“These recent survey results reaffirm that, despite its current challenges,
FHA is a critical part of the American housing fabric.”
The RCI results also indicated that distressed sales increased to 33
percent of all home sales last month, and that both investors and
first-time home buyers are competing for these properties. The
preponderance of distressed properties on the market has also influenced
buyers’ perceptions of other homes for sale. Realtors report that many
buyers have pricing expectations that treat every property as if it were in
foreclosure.
In addition, Realtors expressed ongoing concerns with the impact of the
Home Valuation Code of Conduct on recent appraisals
tucson homes for sale