April 25, 2007
Tight Lending Slowing Housing Recovery
Tight Lending Slowing Housing Recovery
According to the latest report of a leading association of real estate professionals, the U.S. housing market's recovery will be slowed down by the tougher lending standards following the current subprime mortgage crisis.
The National Association of Realtors reported that the national median existing-home price is expected to fall 0.7 percent to $220,300 this year.
The median new-home price should increase 0.4 percent to $246,200 this year after gaining 1.8 percent in 2006.
The trade group said: "Higher loan standards will slow the housing recovery,"
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