In testimony before Congress, the National Association of Realtors blamed unnecessary federal regulations for preventing first time homebuyers from entering the current real estate market.

"Realtors support strong underwriting standards to protect consumers from the risky lending practices of the past, but we are concerned that the pendulum has swung too far," NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., said. "In some cases, well-intentioned, but over-corrective policies are severely hampering the ability of millions of qualified buyers to purchase a home. I believe, and our members believe, that we have yet to strike the right balance between regulation and opportunity."

Polychron testified before the U.S. Senate's Committee on Banking, Housing and Urban Affairs on April 16