Industry NewsMarkets & Economy

Most 2009 buyers may be first-timers

Move Inc. survey shows pent-up demand

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Nearly 80 percent of Americans don't expect to buy a home in the next five years, but more than half of those that do plan to buy this year would be first-time homebuyers. That's according to a survey commissioned by operator Move Inc., which also found one in five homeowners with mortgages have contacted their lender hoping to restructure their loans. About half said they'd succeeded. A crackdown on mortgage fraud, lower interest rates, and tax breaks for first-time homebuyers were seen as the three most important factors to stabilizing housing markets among 1,005 adults surveyed by OmniTel on behalf of Move from March 6-8. Although 23 percent said they planned to buy a home in the next five years, only 5.8 percent said they expected to complete that purchase within the next 12 months. About 7 percent said they planned to purchase a home in one to two years, and 11 percent planned to purchase within two to five years. More than half of those planning to buy ...