The Norman Transcript

March 21, 2014

First timers stay out

The Norman Transcript

NORMAN — The missing piece of the nation’s economic recovery has long been job creation. Some of those positions that went away beginning in 2008 are not coming back.

Although employment has made some gains, many see a gap in the first-time home buyer market as troubling down the road.

A new report from the Urban Institute suggests more potential buyers are staying out of the home market.

Before the bust in 2008, about 40 percent of home sales were from first-time buyers. Today, they account for 26 to 27 percent of the market, according to a published report.

Rates remain low, so economists attribute the statistic to at least two factors. Tighter lending restrictions were put in place to keep bad loans from bringing the economy down again. Many of the jobs created came with temporary tags and lower paychecks.

A new or existing home purchase creates an economy of its home with the purchase of consumer goods and services.

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