Big Changes in Housing Market and Financing Mean No Turnaround in Sight Yet LoanSafe
Instead, there are expectations that the nation’s homeownership rate, which at 65.9 percent in June was at its lowest level in 13 years, will continue to fall, and not just because of Wall Street fluctuations, soured consumer confidence and a still-suffering labor market.The housing market has its own issues and is undergoing a sea change in how it functions. The transition, experts say, will be difficult.
“From here forward, we’re going to have increasing head winds,” said Sam Khater, senior economist at CoreLogic, a real estate analytics firm.
Qualified residential mortgages
New lending rules on the horizon and hotly debated in Washington won’t affect today’s buyers. But they will put homeownership out of reach for some consumers in years ahead — and make it a more expensive proposition for others.
Rules were proposed in the spring for qualified residential mortgages, or QRMs, as part of the Dodd-Frank Act’s credit risk retention provisions. The intent is to force lenders to have more “skin” in the game for mortgages they write and sell to the secondary market.
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