The Real Deal Miami

Expensive homes in the way of market recovery

July 16, 2009 04:26PM

Homeowners with higher-priced mortgages are having a hard time getting help amid the housing crisis. They do not qualify for the Obama administration’s mortgage modification plan and are having trouble selling their homes because prospective buyers are unable to get financing. Industry professionals say the high-end slowdown is holding up recovery for the rest of the market because sellers with homes that are lower-priced have to continue to reduce their prices to compete with higher-end homes.