Housing market changes may be unrelated to shutdown
Posted on Monday, October 14, 2013 at 10:39:12 AM
Many residential financing borrowers may be feeling constricted with the impasse in Washington, D.C., but any housing market changes may be more indicative of other factors than just the government shutdown.
The entire mortgage process could slow down as a number of organizations are either closed or operating with a small, partial staff, although upcoming figures for the housing market may be reflective of more than just that situation, according to The Wall Street Journal. When figures are released by several groups, such as the National Association of Realtors, weak results may be blamed on the government.
Instead, other conditions may be in the works, the news source noted. For instance, the housing segment is seasonal, and fewer sales could be attributed to this. The market for residential financing may also fluctuate alongside higher mortgage rates.
The reason some may be quick to blame the government is because of the current problems with buying and selling homes. Many people have run into difficulties as a number of organizations are closed, according to the Los Angeles Times.
For example, Jay Joerger was about to close before the shutdown, but the condo he wanted was on land owned by an Indian tribe. That means the U.S. Bureau of Indian Affairs has to approve it, and it is currently not operating fully.
While the conditions have effected the housing market, upcoming data may be indicative of other factors involved.