New Mortgage Rules may Hinder Home Sales

The National Association of Realtors (NAR) Chief Economist Lawrence Yun says the unseasonably cold weather in many parts of the country was responsible for the nearly nine percent drop in the pending home sales index (PHSI) from Nov. to Dec., 2013. Although the PHSI has been falling since May, existing home sales rose two percent in Dec. following a six percent drop in Nov., totaling 5.1 million for the year, an increase of 9.2 percent over 2012. Taking a conservative approach, as nationalmortgagenews informs, NAR forecasts home sales will hold even in 2014 as the new mortgage rules go into effect.

(Photo credit: Paul Sakuma/Associated Press–pending home sale)

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