By Trey Garrison | HousingWire
The housing and mortgage lending markets of the next year will see measured but slow recovery, and it won’t be what pulls the economic cart. That donkey, if it can ever get hitched up, is going to be jobs and wage growth, while housing will be riding in the back.
“Going forward, the housing market recovery will become more localized; those areas that experienced the most robust run-up continue to lag behind the national recovery, while those areas with a more limited benefit during the good times are now leading the recovery in the aftermath of the Great Recession,” says Sterne Agee chief economist Lindsey Piegza. “In each case, the pace of the recovery will depend on local conditions including population growth, unemployment, and hiring. Of course, new demand on the national level remains somewhat stifled by rampant regulation that has aggressively moved away from the easy lending standards of the early 2000’s, now limiting access to credit.
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