Foreclosures For Sale, News, Articles And Foreclosure Information

First-time homebuyers were responsible for nearly half of all the home purchases made during the first quarter of 2009. The National Association of Realtors reports that this group has taken advantage of the $8,000 tax credit as well as the hugely discounted foreclosure short sales.

While first-time homebuyers contributed to the sales, this did not make the industry get back on its knees and prices continued going south. The NAR reports show that 134 metropolitan areas out of 152 had a drop in prices. The national median price of a single-family house went 13.8% lower that the price of 2008, to stand at $169,000. At the moment, distressed houses are being sold at over 20 percent less than conventional homes, and this is what is causing the average price to go lower.

It is estimated that nearly 455,000 people purchased their first home during the first quarter of 2009. Theses are people who were previously locked out of the housing market due to the prohibitive high prices. However, they can now afford their own homes thanks to the increase in the number of foreclosures for sale and the tax credit available to first-time home buyers. Studies have shown that this is the best time to own a home as they are offered at very affordable prices that have been slashed between 10 to 40 percent of the original home value.

The major areas where buyers are purchasing homes fast include Nevada and California. Compared to 2008, the sales in Nevada rose up to 116.8 percent, while in California they rose to 80.6 percent. Other states that have seen major increases in sales are Arizona and Florida, with increases to 50.2 percent and 25 percent respectively.

It seems that buyers have been waiting for such an opportunity to grab their share of property. First time employees and recent college graduates are taking advantage of these low prices too. In one state, it is estimated that nearly 60% of the first time homebuyers are recent college graduates or those who have just joined the workforce. Owning a home has never been as easy as it is today. With foreclosure short sales going at huge discounts, it is no wonder that many first time homebuyers are rushing for them.