PARSIPPANY, NJ--(Marketwire - May 12, 2011) - Century 21 Real Estate LLC, the franchisor of the world's largest residential real estate sales organization, today released the results of a mortgage market survey it conducted with its franchisees and sales professionals in order to better gauge how the current mortgage lending market is impacting the overall success of a housing market recovery.
"Our network of franchisees and their sales associates do business in all 50 states, and their responses to our survey demonstrate that the current mortgage lending environment is too constraining for potential homebuyers, and it is detrimental to both a housing and general economic recovery," said Rick Davidson, president and CEO of Century 21 Real Estate LLC. "We believe the pendulum has swung too far and that otherwise qualified potential homebuyers are facing significant challenges in obtaining mortgage financing in today's market. Our survey responses indicate that this is largely attributable to overly stringent credit score and related financial qualification requirements, high down-payment requirements and the lack of readily available financing from lending institutions. A significant number of our CENTURY 21® professionals have characterized these factors as presenting 'a major problem' for some of their customers."
The key findings from the CENTURY 21 Mortgage Market survey are as follows:
Approximately 1,570 CENTURY 21® real estate professionals including franchise owners, brokers, office managers and agents participated in this online survey, which was fielded between April 19-26, 2011. Results are significant at a 90% confidence level with a margin of error of +/- 2%.
Century 21 Real Estate LLC (CENTURY21.com) is the franchisor of the world's largest residential real estate sales organization, providing comprehensive training and marketing support for the CENTURY 21 System. The System is comprised of approximately 7,900 independently owned and operated franchised broker offices in 71 countries and territories worldwide. Century 21 Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services.
© 2011 Century 21 Real Estate LLC. CENTURY 21® Is A Registered Trademark Owned By Century 21 Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each CENTURY 21 Office is Independently Owned and Operated.