Today’s buyers: ‘The most nervous people I’ve ever met’

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Interesting story from Reuters today laying out the anxieties of first-time homebuyers in the current market.

‘They’re the most nervous people I’ve ever met in my life,’ said Bob Moulton, president of Americana Mortgage Group, referring to the potential first-time buyers he speaks with. ‘They’ve seen what can go wrong in the mortgage market. Everybody’s advising them, from the mother, to the father, to the uncle, their co-workers, telling them, ‘Don’t buy. Prices are coming down.’ ‘

The story is worth reading for those of you who believe demographic trends predict real estate supply and demand: ... And population projections by the National Association of Realtors suggest hundreds of thousands of young Americans are sitting out the housing market entirely -- neither buying nor renting.

What happened to the projected demand from 700,000 to 800,000 people? NAR’s Walter Molony: ‘Some of them are moving back with their parents, never left the house, they’re doubling up with roommates.’

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
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