The majority of housing markets remain affordable to the average family, but rising mortgage rates and rising housing prices are causing more families to have to stretch financially, according to the mortgage giant.
Mortgage applications have dropped for six out of the past seven weeks, according to the Mortgage Bankers Association's seasonally adjusted index.
A rebound in consumer confidence and economic growth in the new year should allow more home owners to escape the "negative equity trap," according to CoreLogic.
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