For those credit unions still facing a lingering slump in certain housing markets, some have downplayed their mortgage programs in favor of other loan products to boost their lending portfolios.
In the top 10 slowest moving housing markets in the U.S., homes have taken six months or more to sell, according to a recent study from online real estate firm Trulia. The challenge for many credit unions is doing what they can to keep their lending programs moving forward, experts advised.
"It's worth remembering that in real estate, markets really are local," said CUNA Senior Economist Steve Rick. "So it's very hard to say what factors in a given market are definitely promoting rapid home sales or are definitely slowing them up."
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