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New York

The condo loan bottleneck

Looser FHA regulations could help millenials, seniors

From left: David Stevens And 432 Park Avenue
From left: David Stevens And 432 Park Avenue

From the December issue: Call it the condo conundrum: In many urban areas nationwide, demand for condominium units is rising, according to new real estate industry estimates, yet mortgage financing for entry-level condo buyers is getting squeezed by a key federal agency. 

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It’s a little schizophrenic. List prices for condos in major markets are rising faster than those for single-family detached homes in the same areas. Nationwide, condo sales are steadily taking away market share from traditional homes as suburban boomers downsize, and other owners want to live closer to urban workplaces and center city attractions.[more]