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All-Time Low for First-Time Homebuyers

The share of first-time homebuyers in the U.S. just hit an all-time low.

Just 26% of all homebuyers closed on their first house in the year that ended June 2022, a drop from 34% the previous year, according to the National Association of Realtors.

The average 30-year fixed mortgage rate has double last year, while home prices are slow to come down.

For many would-be buyers, that combination is simply too expensive.

As a result, many would-be first-time buyers are being priced out of the market or are choosing to wait for more favorable conditions.

This slowdown in activity could have ripple effects throughout the economy, as the housing market is a major driver of growth.

If fewer people are buying homes, it could lead to less spending on home improvements and furnishings, which would impact businesses in those industries.

The Law Offices of Omar Zambrano knows that inflation still running high.

We also know that it can be expensive to keep up with your credit card payments.

We want to make sure you're getting the best possible legal representation, & we're happy to answer any questions you may have and we offer Free Consultations by calling 626-338-5505.

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