Work for Obama to fix real estate market

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Creative Commons License photo credit: FalkPhotoDesign
The new American government will have to work hard to free up access to loans after home sales fell, a real estate market expert has said.

Lawrence Yun, chief economist of the National Association of Realtors (NAR) also said he was not surprised transactions on existing homes sales were down.

Latest figures from NAR show deals are down 8.6 percent to a seasonally adjusted annual rate of 4.49 million units in November.

But the slow climate is not expected to last thanks to interest rates in the US falling to levels not seen for decades.

Mr Yun saids:

“It is imperative to provide incentives for home buyers to get back into the market.

“It also depends on how effectively Congress and the new administration can help facilitate the short sales process and unclog the mortgage pipeline.”

Leading lender Freddie Mac recently reported the 30-year mortgage rate had fallen to 5.19 per cent – the lowest on record since it began recording such figures 1971.

The NAR has warned red tape and confusion has meant successful home loan applicants waiting for the cash to buy a house have been delayed.

Although sales are slow overall, the group added there continues to be rising activity in California, Nevada, Arizona and Florida markets.

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