Source: CNBC —
Even as prices for homes soar, the American Dream of owning a home is still alive and well. Yet that can be a high hurdle for first-time home buyers to reach. New data from the National Association of Realtors shows sales of previously owned homes rose by 7% in September as mortgage interest rates declined. However, first-time home buyers made up just 28% of those transactions, the lowest it has been since July 2015.
Bank of America, among other financial institutions, is working to help more people become first-time homeowners through an initiative targeting low- and moderate-income communities.
The company first started the project, called the Bank of America Community Homeownership Commitment, in 2019. This year, it raised its commitment to $15 billion through 2025, with the goal of helping more than 60,000 individuals and families buy homes.