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 43% of First Time Buyers Made No Down Payment in 2005
By: Darin "Sid" Cameron, CRS
Wed, Mar 15th, 2006 1:42 pm

Here's an interesting statistic...

43% of first time home buyers put no money down last year when buying their home.

This comes from the National Association of Realtors who's research found that 43 percent of first-time home buyers obtained zero-down mortgages last year.

The median first-time buyer buying purchasing a property on average of $150,000 only made a 2-percent down payment.

From USA Today, "(some) are worried that some borrowers will owe more than their properties are worth in the event of a major housing slowdown. "If we do get a spike in mortgage rates, and a modest decline (in the housing market) turns into a rout, there's almost no bottom to that," warns Center for Economic and Policy Research's Dean Baker, who calls it "a crash scenario." Meanwhile, PMI Mortgage Insurance's most recent U.S. Market Risk Index predicts a 50-percent chance of price drops over the next two years in cities such as San Diego, Boston, and Los Angeles, to name a few vulnerable markets."

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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