Sentences with phrase «said tight underwriting»

Not exact matches

Continuing tight underwriting by lenders, low inventories in many markets, and rising interest rates are holding back growth in sales volume, said Yun, leading him to predict home sales of about 5.12 million for 2014, virtually the same level forecast for 2013.

According to Fannie Mae, roughly nine out of 10 people under the age of 45 expect to buy a home in the future, but Belsky said mortgage underwriting standards are dramatically tighter, which disproportionately impacts minorities and those with lower incomes.

«New underwriting rules to protect borrowers, effective in January, will prohibit many loan features, set tighter limits on the amount of debt a borrower can have and still get a mortgage, and require that lenders accurately measure a borrower's ability to repay,» he said.

Tighter underwriting is exactly what the market needs right now, economists say, because it brings the cost of financing back into alignment with risk, helping to restore confidence in housing after the subprime excesses.

«Record - low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales,» says Lawrence Yun, the NAR's chief economist.