According to data from the National Association of Realtors (NAR), 27 percent of those purchasing a home for the first time last year received a cash gift from relatives—such as the Bank of Mom & Dad– or friends, an increase from 24 percent in 2012. Meanwhile, rising stock and property values allow their baby boomer parents to obtain low-cost loans, reports hamptonroads.com. Fifty-four percent of first-time buyers in 2013 said their home buying was delayed as the result of student debt payments, similar to what MHProNews reported earlier. First-time buyers of previously-owned homes historically accounted for 40 percent of home sales, but last July it was 29 percent. Each spouse can gift a child or other person up to $14,000 a year without paying taxes, but it cannot have any expectation of being repaid, and lenders are carefully maintaining a documented trail, some accepting gifts only from relatives by blood or marriage. ##

(Image credit: firstbanktrust.com)