A new twist in American housing market – Homebuyers looking for smaller homes.

Old times are gone when people used to look for McMansions. Homebuyers are now much more inclined towards getting smaller homes. After the recession, everyone in America seems to be more inclined towards redefining their expenses in every sector of the economy. Whether it is an executive or just a small busy family, everyone is pulling back their expenses and saving more and more. When it comes to housing, they are more interested in smaller but economical houses and not bigger ones like McMansions!

This downsizing has come as a new wave in the housing market and it has become a bigger priority for everyone after the mortgage crisis and recession. This new demand for smaller houses has been well adjusted by the housing market. A report shows that between 2007 and 2009, 41% of the first time buyers were actually looking for smaller and economical houses and this is a major chunk of the first-timers.

A statistic from National Association of Home Builders (NAHB) shows that the first time buyers were looking for houses which were 1,874 sq. ft. in average as compared to 2,549 sq. ft. for those who traded up. 46% of the first time buyers were actually after houses which were 1,500 sq. ft.

The homebuilders are gearing up constantly for this increasing demand for the new smaller homes. This has actually grown into a trend where the people in their 20s are actually making households and they need something more economical. These new smaller homes become a proper match for these people. McMansions are now an older chapter and people are actually looking for something new which is affordable and economical and the smaller houses serve them well.

But what about the foreclosed properties that caused troubles for the housing market? Well, they are still causing troubles. Those who are downsizing or those who are first time buyers can actually get bigger houses within their budgets and this is possible, because banks and lenders are offering their repossessed properties with heavy discounts.

 If you are a first time buyer or you are downsizing, ForeclosureDataBank.com is the best place to visit. Get a very comprehensive and exhaustive list of all the foreclosed properties all over the country. You can easily find one within your budget.