During the housing boom, mortgage lending was available to people with a broad range of incomes. Since the bust, first-time buyers have grown more financially select. During the last decade’s housing boom, it became much easier to obtain a mortgage, and many people who previously couldn’t buy a home grasped the opportunity. In 2005 the annual number of first time home buyers in the U.S. hit an all time high of 3.2 million, but by 2008 it fell below 2 million and remains below that level to this day.
On April 7, the freshly minted Zillow Group lost its single most important source of home-sale listings when listing aggregator ListHub terminated its agreements with Zillow and Trulia, raising concerns that the real estate portals’ coverage would be devastated.