In total, 82% of first-time homebuyers used some form of low-down-payment mortgage products, which are enabled by private mortgage insurance, during the third quarter. (Credit: Andy Dean/iStockphoto.com ) In total, 82% of first-time homebuyers used some form of low-down-payment mortgage products, which are enabled by private mortgage insurance, during the third quarter. (Credit: Andy Dean/iStockphoto.com)

First-time home buying experienced a major lift during the third quarter of 2020, according to Genworth Financial, Inc., which reported a 20-year high of 700,000 single-family homes were purchased by first-time buyers. During the period, the repeat buyer market grew 17%, compared with the year prior.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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