Housing industry professionals say that policies and limited access to loans keep the market stagnant, HousingWire reports.
HousingWire summarizes a dialogue between housing experts during an event held by the NAR, NAHB, and McGraw Hill Financial Global Institute.
The immediate past president of the NAR, Steve Brown, argues that well-intentioned but overly corrective policies are hampering access to credit and holding back the market from full recovery. While S&P Dow Jones Indices Managing Director David Blitzer says that “despite price gains, the housing market faces some difficulties. Home prices are rising roughly twice as fast as wages, putting pressure on potential homebuyers and heightening the risk that any uptick in interest rates could be a setback.”
Another factor pinpointed was the psychological state of the American public. According to Julia Gordon, senior director of housing and consumer finance at the Center for American Progress, “[Americans] are still upset that heads did not roll after the housing crisis. Having failed to pursue anything meaningful on the criminal side, there’s a feeling of angst and a sense we need to do something on the enforcement side.”
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic