Resales will drop 9 percent this year while new home sale are expected to fall 24 percent, according the NAR. The group also expects a 2 percent drop for existing home prices and the same drop for new home prices for this year.
The trade association says tighter credit is squeezing out buyers. According to a Federal Reserve survey of senior loan officers, more than half of the country’s banks have made it more difficult for people with limited or poor credit to get loans, and 14 percent have done the same for even the best-rated customers.
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