First-time buying surged in 2nd quarter

Builder

First-time home buyers purchased 570,000 single-family homes in the second quarter, compared to 426,000 in the first, marking the highest number of first-time home buyer purchases during a second quarter since1999, which had 599,000, according to the First-Time Homebuyer Market Report, released today by Genworth Mortgage Insurance, an operating segment of Genworth Financial, Inc. (NYSE: GNW).

While the number of single-family home sales increased by just two% during the quarter from a year ago, purchase mortgage origination increased by five%, and sales and mortgages made to first-time home buyers increased by eight%. This resulted in a higher first-time home buyer mix in both markets.

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