We’ve talked in this space before of the housing recovery being perhaps overstated. As the usage of our products–which help struggling homeowners find local resources to help them stabilize their finances–increases, we can’t quite get on the recovery bandwagon.

A recent article in The Guardian supports our view: the reason a recovery isn’t starting is not because interest rates are high (historically, they aren’t). It’s stalled because the first-time homebuyer is being left out.

As The Guardian article puts it, “In a nutshell, what’s hurting the housing recovery is that there aren’t enough houses to buy, and those that are available are too expensive.”

Thus new homebuyers can’t afford to join in the recovery, and they continue to rent, or live with their parents. As our record usage numbers point out, personal finances aren’t recovering.  And without new homebuyers, the housing market will continue to limp along.