#1 purchasers of REOs and short sales are first-time homebuyers.
Recent survey results published by Campbell/Inside Mortgage Finance show that first-time homebuyers are the No. 1 category of purchasers for move-in ready REO and short sales.
An REO property is one that is offered for sale by a bank or lending institution.
In contrast, investors are the most important buyers of damaged REOs.
Current homeowners concentrate their purchases on non-distressed properties, which typically have the most predictable closing dates.
The graph shows distressed property (red line) and the percentage of first-time homebuyers who are purchasers starting with July 2009.
Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions is based on a monthly national survey of more than 3,000 real estate agents.
