In general I will agree with that point, that it is close to impossible or next to impossible for first time homebuyers. However, I will say that of the first time homebuyers I have been working with who do have alot fo money saved up, demographically they tend to be either Asian or Indian, and are mostly dual income earning couples who have been diligent and patient and have made a concerted effort to save substantial monies for downpayments. In a few cases also there are some white females who have also done a good job at substantially saving money for dps.
No this is not an endorsement to buy, just a snapshot of the demographics of people I know who are first time buyers and have saved alot of money up over the past few years.
