|About 40 percent of all the home buyers in recent months have used FHA Loans to purchase a property. According to a report from National Association of Realtors, which is based on the survey conducted in the month of November, the number of first-time home buyers is also found to be increasing. Now the percentage of buyers who are going to be a first time owners for their houses has grown to 51 percent.
The mortgage finance program of the Federal Housing Administration has helped people fulfill their dream of homeownership on the one hand while on the other it has given a fillip to the stagnant housing market. FHA has once again proved its importance in the American housing fabric, many in the industry believes.
The report further indicates a growth in the sale of foreclosed homes over the last month. A significant rise of 33 percent of all homes sold in the previous month is recorded this month. More availability of foreclosure homes in the market has brought down the value of other homes also, if we believe the findings of the report.