The share of first-time home buyers has dropped to its lowest level in 27 years, highlighting the challenges facing the housing market’s stalled recovery, according to an annual survey released Monday by the National Association of Realtors.
Only 33 percent of buyers purchased their first home this year, down from 38 percent a year ago, according to the survey, which polled more than 6,500 people who bought a primary residence between July 2013 and June 2014. The last time the share was lower was in 1987, when first-time buyers made up only 30 percent of home purchases. The Realtors group cited several reasons for the decline, including a challenging job market and lending standards that tightened too much in the wake of the housing bust.
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