By Lisa Prevost | The New York TImes
Spring failed to inspire a surge in home sales nationally this year, even though mortgage rates are still reasonably low. Although economists insist that the housing market is on an upward trend, abnormal conditions left over from the recession continue to be a drag.
Mortgage applications for home purchases as of June were down 15 percent from the same period last year, according to the Mortgage Bankers Association. And sales of existing homes were about 6 percent weaker this spring compared with 2013, the association said. (In May alone, sales were down 5 percent from the previous year, the National Association of Realtors reported on Monday.) So what is holding buyers back? At least three major dynamics are at work.
