Wary First-Time Home Buyers Hold Back Market

This should be a great time to buy a first home.  Prices have sunk and mortgage rates are near all-time lows, yet the most likely first-time homeowners, especially young professionals and couples starting families, either won’t buy, can’t buy, or they already did, during the housing boom.  The obstacles range from higher down payments to heavy debt from credit cards  and student loans.  But even many of those who could afford to buy no longer see  it as a wise investment.  Prices have sunk 15 percent in less than three years.  Home ownership is no longer the American Dream for the younger generation.
Associated Press    December 11, 2011