Sales to First Time Buyers: 30 Percent of Sales in March 2014

First time home buyers accounted for 30 percent of residential sales in March (slightly up from 28 percent in February), according to the latest REALTORS® Confidence Index report.

REALTORS® have reported that first-time buyers are having problems with tighter underwriting standards and required higher down payments. In some cases, financing is reported approved but for a lower amount. REALTORS® have also reported that the increase in FHA mortgage insurance costs is discouraging buyers or making loans unaffordable.