First-time homebuyers started to desert the housing market in April, ahead of expectations, according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions.  The survey found that 43.4% of April's home purchase transactions were attributable to first-time homebuyers, a significant drop from March's figure of a huge 48.2%. For the winter months of January to March, first-time homebuyer participation had been growing at a rapid clip; April's data represents a clear reversal in the trend.

       Importantly, the survey results revealed that existing or current homeowners picked up the slack from first-time homebuyers, expanding their share of the home purchase market from 33.5% in March to 38.7% in April. Current homeowners qualify for as much as a $6,500 tax credit that also expired April 30 for purchase contracts.

      Separately, the proportion of damaged foreclosed properties or so-called real estate owned (REO) sold during April plunged. Damaged REO accounted for 15.4% of transactions in March, but only 12.8% in April. One reason for the drop in damaged REO may be increasing numbers of short sales. Short sales were the largest portion of the distressed property housing market in April with 17.9%, the survey found.

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