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Housing Trends Update_April2010

Housing Trends Update_April2010

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Published by Randy Poll

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Published by: Randy Poll on Jun 08, 2010
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06/12/2010

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May 2010
 Housing Trends Update
 is derived from the
Campbell/InsideMortgage FinanceMonthly Survey of Real Estate MarketConditions
It is based on a nationalsurvey of more than1,500 real estate agentseach month and providesup-to-date intelligenceon home sales andmortgage usage patternsthroughout the UnitedStates
 ______________
Housing Trends Update 
Housing Trends Update is published monthly and is available only to real estate agents who are part of the Campbell/Inside Mortgage Finance monthly survey panel.For information on  joining the panel contact John Campbell at Campbell Surveys.
202-363-2069 john@campbellsurveys,com
Copyright © 2010 by Campbell Surveys 
www.campbellsurveys.com
First-Time Homebuyers StartedTo Exit Housing Market in April
First-time homebuyers started to exit the housing market in April, ahead of expectations, according to the latest Campbell/Inside Mortgage Finance MonthlySurvey of Real Estate Market Conditions.The closely-watched survey found that 43.4% of April’s home purchasetransactions were attributable to first-time homebuyers, a significant drop fromMarch’s figure of a huge 48.2%.For the winter months of January to March, first-time homebuyer participationhad been growing at a rapid clip; this month’s data represents a clear reversal in thetrend. First-time homebuyers have until June 30 to close transactions and qualify fora tax credit of up to $8,000.Previously, the first-time homebuyer tax credit was due to expire on November30, 2009, but Congress extended the deadline and expanded eligibility to currenthomeowners.Current homeowners made up the slack from first-time homebuyers, expandingtheir participation from 33.5% in March to 38.7% in April. The tax credit for currenthomeowners is up to $6,500.“We were surprised to see the early decline in first-time homebuyerparticipation,” commented Thomas Popik, research director for Campbell Surveys.“When tax credit was expected to expire last November, we saw a peak of first-timehomebuyers in October. Now the first-time homebuyer peak appears to haveoccurred not one month, but two months early.”
Campbell/Inside Mortgage Finance’s
FRF
H
OUSING
T
RENDS
U
PDATE
 
Homebuyer Participation by Type
First-timehomebuyers sawtheir share of thehome purchasemarket tumble by asurprisingly large5% between Marchand April.
Source: Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions 
42.4%42.5%42.0%46.9%44.9%42.5%39.8%42.9%48.2%43.4%36.5%36.7%39.3%37.7%41.4%40.6%41.2%37.5%33.5%38.7%21.1%20.8%18.7%15.4%13.7%16.9%19.0%19.5%18.3%18.0%0%10%20%30%40%50%60%
Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10First-Time HomebuyerCurrent HomeownerInvestor
PercentofBuy-SideTransactions
 

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