Did you know that back in 2007, at the last housing market peak, first time buyers accounted for ~40% of all buyers and that the median down-payment among first time buyers was just 2% (National Association of Realtors)?!? Compare that to 2015 when roughly 32% of buyers were first-timers (National Association of Realtors) and the median down-payment in Q4 of 2015 for a 30-yr mortgage was 17.5% (Lending Tree). Buyers have a lot more skin in the game now and a more conservative mortgage environment is forcing buyers to save more for a down-payment on their home purchase.