Rising home prices across the country are giving a long-awaited boost to the housing market, but fiscal uncertainties could make the recovery a “bumpy ride,” according to economists who spoke this week at a webinar sponsored by the National Association of Home Builders.
Builders continue to experience challenges in obtaining credit for new projects, and potential buyers are also still struggling to qualify for mortgage loans due to tightened underwriting standards in place the last few years. The economists also cited the challenges of appraisals coming in lower than the agreed-upon sales price and a limited inventory of developed lots in certain housing markets. Another factor potentially jeopardizing the speed of the recovery, the economists added, are pending tax increases and spending cuts that are set to take effect in January. Read more...
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