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Tight lending standards affecting home sales

Oct 10, 2014
Tight mortgage lending standards continue to affect sales for single-family builders across the nation, according to a survey released by the National Association of Home Builders (NAHB). More than half of the single-family builders surveyed indicated that lending standards were “tight” or “very tight,” while only 11 percent indicated standards were “somewhat easy.” No builders described them as “very easy.”

The survey also asked builders if they had lost any sales over the last six months due to buyers not qualifying for a mortgage. Eighty-three percent answered “yes,” and of these, the average share of sales lost was 9.7 percent. NAHB estimates that this 9.7 percent translates to 18,700 new-home sales lost because buyers were unable to qualify for mortgages.

Click here to read the entire NAHB press release.
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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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