Investors outbidding first-time buyers on some homes

First-time home buyers have recently declined to 34 percent of the total market of existing home sales, down from a normal 40 percent, according to the most recent National Association of Realtors Confidence Index.

One of the reasons, according to the survey, is that investors are outbidding prospective first-time buyers for discounted foreclosures by offering cash and accelerated closings.

Other findings:

• The median household income for buyers aged 18 to 24 was $46,000.
• The most important reasons buyers aged 18 to 24 for purchasing a home is the desire to own (46 percent) home and last year’s tax credit (17 percent).
• Seventy-seven percent of buyers aged 18-24 purchased a single family home. Approximately 9 percent purchased a townhouse.