First-time homebuyers are reportedly sitting on the sidelines and have dropped to their lowest levels in three decades, according to the National Association of Realtors. In its latest annual survey of buyers and sellers, NAR noted that the share of first-time buyers declined to 32 percent, from 33 percent a year ago and the lowest since first-time buyers spiraled down to 30 percent in 1987. But not so fast, says Edward Pinto, former chief credit officer of Fannie Mae and co-director and chief risk officer of the International Center on Housing Risk at the American Enterprise Institute, who disputes NAR’s data and describes the first-time buyer market as “booming.” “The buyers are...