According to the association's report, the decline in volumes is due to the reduction in mortgage limits in the US in 2008. Mortgages other than those under FHA, Fannie Mae and Freddie Mac standards are not supported by the government and remain in crisis. Consequently, buyers who need large loans will have to pay an interest rate 2% higher than on traditional loans.
As a result, the premium housing market in the country has virtually stalled. At the same time, as RIA Novosti notes, not only traditional buyers of luxury homes in the US are suffering, but also many representatives of the middle class.