WASHINGTON–New TRID regulations are being blamed for a sharp decline in the sales of previously owned homes.
During November the number of previously owned homes sold declined 10.5% to a 4.76 million annual rate after a revised 5.32 million pace in October. It’s a low mark not seen since April of 2015.
Analysts said there have been no changes in underlying fundamentals to explain the decline, and that the most likely cause for the weak sales numbers is a delay in processing loans due to the new TRID mortgage requirements imposed by the CFPB.