Who’s on First?
A new study from the Federal Reserve Bank of New York contradicts many assertions that COVID’s mortgage-market mania disadvantages first-time homeowners. However, we wonder – the gain in first-time buyers from 2019 to 2020 cited by researchers was minimal – the percentage among purchase-money borrowers went up from 48.2% to 48.8% or 1.2% that is well within the range of statistical error.

GSE-041421.pdf