A Closer Look at the Data on First-Time Homebuyers

Brief

A Closer Look at the Data on First-Time Homebuyers

Abstract

This brief uses newly public data to calculate the share of first-time homebuyers in the mortgage market in 2013 and 2014. Our calculations are based on the complete loan-level single-family purchase-money mortgage information released by the GSEs and Ginnie Mae. We also combine our estimates with those reported by FHFA and the FHA to review the trend in first-time homebuyer shares over the past 14 years. Our analysis reveals that, although the percent of first-time homebuyers increased from 2011 to 2014 for GSE-guaranteed loans and FHA-insured loans, the national share of first-time homebuyers with either a GSE or FHA loan was 54 percent of all purchase mortgages in 2014, down from 57 percent in 2011. This decline was likely driven by a decline in the FHA’s market share.

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