In ‘09 my wife and I started buying 2-4 houses per year because we felt the housing market had bottomed. We focused on foreclosures in good neighborhoods. In ‘20 we started to sell them off and sold the last one in June of this year. 12 of the 14 houses sold to a first time buyer. In most cases the buyer walked away with a check at closing. The only thing the government is doing for the first time buyer is they are requiring taxes to be escrowed. During the previous housing boom, many buyers could NOT afford the tax escrow so the banks opted to have the new owner to pay the taxes on their own. Well, if someone can’t afford $200 taxes per month they can’t come up with $1200 2x per year.
I can tell you from our past experiences, when a tenant becomes a home owner with no skin in the game, they will walk the first issue they have. I am no expert but this housing thing will become unraveled within 4-5 years.