Nearly one in three buyers between June 2006 and June 2007 had no skin in their deals, according to new research that represents further evidence of the poor quality of loans that helped fuel the rising tide of delinquencies and foreclosures.Though the study of nearly 10,000 transactions by the National Association of Realtors did not note whether the loans were prime or subprime, it found that 29% of all buyers -- and 45% of all first-timers -- financed the entire purchase price. Somewhat surprisingly, considering that they usually have money from the sale of their previous residence to put into the transaction, 18% of repeat buyers also put up none of their own money. In addition, the study found that more existing-home buyers than new-home purchasers used 100% financing, 30% vs. 25%. More than half -- 53% -- of all buyers made downpayments of 10% or less, and almost three out of four -- 72% -- financed 80% or more of what they paid. As for the source of their downpayments, 10% of all buyers used money from gifts, 8% sold stocks or bonds, 6% raided their retirement accounts, and 3% got a loan from a relative or a friend. The NAR study was released at the group's annual convention in Las Vegas. The association can be found online at http://www.realtor.org.

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