Source: Times Argus, August 16, 2010

By: Bruce Edwards

“For would-be first-time home buyers, the quest to get into that home is more challenging today and likely to remain that way until the economy turns around, according to housing advocates in the state.

The ripple effects of the Great Recession, including a high unemployment rate and little job growth, has contributed to the slowdown in home sales but is more problematic for first-time buyers.

“The first-time home buyer situation in the current housing market is different from what we’ve seen before,” said Erhard Mahnke, coordinator of the Vermont Affordable Housing Coalition. “First of all, first-time home buyers have the advantage of among the lowest interest rates we’ve seen in a very long time. However, because of the meltdown of the housing market in the last few years there are some pretty stringent new requirements.”

The median price of a single-family home sold in Vermont last year was $195,000, a 6.25 percent decline from 2008 when the median price was $208,000, according to Vermont Housing Data (www.housingdata.org).

The median price in Chittenden County was $255,000; in Rutland County, $150,000 and in Washington County $177,000…”

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