
(Image: iStock)

'Restrictive credit conditions, particularly for households with low credit scores'
(Image: iStock)

'High down payments'
(Image: iStock)

'Low demand among younger homebuyers, due in part to the burden of student loan debt'
(Image: Thinkstock)

'Shortages of lots'
(Image: Bloomberg News)

'Low inventories of desirable homes for sale'
(Image: Bloomberg News)

'An overhang of homes associated with foreclosures or seriously delinquent mortgages'
(Image: Bloomberg News)

'Rising construction costs'
(Image: Bloomberg News)

'Structural changes in housing demand'
(Image: Bloomberg News)