Survey: Singles, First-Time Buyers Still Struggling with Financing

6 Nov

M Report – Tory Barringer

Findings released in the National Association of Realtors’ (NAR) annual Profile of Home Buyers and Sellers survey demonstrate what industry experts have been saying since the housing market started to pick up: Access to credit is going to have to loosen before mortgage-dependent homebuyers can make a more meaningful contribution to the recovery. According to NAR chief economist Lawrence Yun, conditions are especially restrictive for single and first-time buyers, who are less likely to have the resources to make a costly down payment and whose credit profiles are underdeveloped.

Among survey respondents, 66 percent were married couples, a combined 25 percent were single men and women, 7 percent were unmarried couples, and 2 percent classified themselves as “other.” “Single homebuyers have been suppressed for the past three years by restrictive mortgage lending standards, which favor dual-income households who are more likely to have higher credit scores,” Yun said.

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