Realtors push for relaxed bridge loan requirements

While the economy is moving toward recovery, unemployment is always a lagging indicator. Many people are also making less money than they were a year or two ago.

This economic reality is making it more difficult for people to change homes because they're unable to qualify for bridge loans. And, when they don't qualify for bridge loans, they can't change homes.

If we're going to get the housing market back to normal, we need to give home buyers the ability to purchase their next home without having to first sell their existing home. That can't happen until there's some relaxation of regulations on bridge loans. This can be done in a safe manner, but it has to be done in Washington. It's time that people in the mortgage industry press their representatives.

From California to Florida, realtors and mortgage brokers should be contacting their representatives and explaining how the housing industry can be helped by making a few changes to mortgage laws.