A new special report by Inman News reporter Andrea Brambila, "10 Prime Real Estate Markets for First-Time Buyers," identifies the 10 metro markets with the greatest share of first-time homebuyers relying on mortgages backed by the Federal Housing Administration (FHA) in 2011.As might be expected, the markets were more affordable than average -- eight out of 10 boasted median sales prices that were less than the national median of $162,000 during the first quarter of 2012.Half of the 10 markets popular with first-time homebuyers have seen price declines that greater than the 36.2 percent drop from peak experienced by the U.S. as a whole. Nine out of 10 have seen price drops of more than 25 percent.More ominously for first-time homebuyers -- who may put as little as 3.5 percent down when using FHA financing, and start out with little equity in their homes -- prices have continued to fall in these markets.Eight out of 10 of the markets identified by Inman News...
by Andrew Wetzel | on Mar 22, 2017
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