3 major real estate forecasters turn bearish

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Declining affordability, waning demand from investors and tight credit are among the headwinds that are tripping up the housing recovery, Bloomberg reports.

Amid lackluster readings from housing barometers, Fannie Mae, Freddie Mac and the Mortgage Bankers Association all have recently downwardly revised their estimates of 2014 home sales from an annual increase of 10 percent to annual drops, Bloomberg noted.

Moreover, the share of Americans who said they planned to buy a home in the next six months fell to 4.9 percent in May from 7.4 percent at the end of 2013, its highest level since 1964, Bloomberg said, citing data released by research firm The Conference Board.

Source: Bloomberg