The housing market is still far from normal. On a positive note, the pipeline of foreclosure inventory has shrunk, new delinquencies have declined, and home prices have surged. However, we have not settled into a stable supply and demand equilibrium.
There is still a historically low share of first-time homebuyers, currently trending at 27% of sales based on the prior three months, as compared to the normal share of about a third of buyers.
First-time buyers (% of existing home sales)
If you're waiting to make your first move, please consider contacting a repuatable lender right away. (I'm happy to share the contact information for some of Portland's best lenders) It's a very detailed process, but I'm happy to help walk you through it. Once you've been approved for a mortgage, we can start looking.
With thanks for the report from the Merrill Lynch housing research department, and Bill Denton, Merrill Lynch Financial Advisor. If you would like to speak with a wealth manager, please call me for a recommendation and more information.
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