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First-time homebuyers are making their mark on the housing market, and that has become particularly evident in the decline of down payment percentages.

According to Mortgage News Daily, the first quarter of 2015 saw the lowest average percentage for down payments that we’ve seen in three years.

“Down payment trends in the first quarter indicate that first-time homebuyers are finally starting to come out of the woodwork, albeit it gradually,” said Daren Blomquist, vice president at RealtyTrac. “New low down payment loan programs recently introduced by Fannie Mae and Freddie Mac, along with the lower insurance premiums for FHA loans that took effect at the end of January are helping, given that first time homebuyers typically aren’t able to pony up large down payments. Also helping tilt the balances toward first time homebuyers in the first quarter is less competition from the large institutional investors that have been buying up starter home inventory as rentals.”

Image via flickr/Tax Credits

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Michael Jackson’s infamous Neverland Ranch has just hit the market in Los Olivos, Calif., for an asking price of $100 million.

The 2,700-acre estate – now known as Sycamore Valley Ranch – has 22 different structures built on it, including the main house, which boasts six bedrooms and has an attached staff quarters.

Some of the features that Neverland was known for – like the Neverland clock and train station – remain on the property. But the amusement park rides and animals are all gone.

Image via Wikimedia Commons/John Wiley

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On Wednesday, Freddie Mac released some good news for individuals and families living in some of the country’s most popular metro markets.

According to the mortgage company, the U.S. housing market is continuing to stabilize nationwide, and nearly 80 percent of the top 100 housing markets in the country – including Portland, San Jose and Nashville, among others – are steadily improving.

“The West and Southwest areas of the country are showing some of the strongest housing activity, especially markets like Portland, Denver, Dallas, San Jose and Los Angeles,” said Feddie Mac deputy chief economist Len Kiefer. “Many markets in the South and Midwest, while improving, are still plagued by high rates of mortgage delinquencies, which are holding back these markets from recovering faster. The exception to this would be the Nashville-area market. It more closely resembles the housing markets in the West, such as those in Utah. These markets are experiencing double-digit annual growth rates in purchase applications and showing some of the strongest homebuying demand in the country.”

Image via flickr/Michael Silberstein

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According to a new report published by Fannie Mae late last week, the housing market in the United States is currently faring better than the economy as a whole.

Although the GDP grew by just 0.2 percent in the first quarter of 2015, the housing market did a bit better, with March existing home sales at their highest level in two years.

Still, the numbers call for cautious optimism. As Mortgage News Daily points out, “Even though March sales were up, the first quarter fell short of fourth quarter 2014 numbers. New home sales retreated in March but the first quarter overall was the best for that sector since 2008 and pending home sales and purchase mortgage applications both portend a strong spring buying season.”

Image via flickr/Simon Cunningham

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Builders are starting to see more first-time homebuyers entering the new home market, J.P. Morgan Chase & Co. revealed in a conference in New York City on Wednesday.

According to The Wall Street Journal, just over 15 percent of new homes were sold to first-time homebuyers in 2014, but so far this year, that number is up closer to 20 percent.

“We do see this as an expanding market,” said Meritage chief executive Steven Hilton. “We saw strong demand in that segment in the last quarter and even more so over the last two months.”

Image via flickr/Oregon Husky

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