Housing Market Sputters, Defying Expectations

In what's usually the busiest home-buying season, mortgage lending dropped to its lowest level in 14 years and purchases of new homes sank 14.5 percent.

Some of the factors: mortgage rates have ticked up and investors who snapped up homes last year have retreated. What's in store for the near future of the housing market?

Tom LaMalfa, an economist and contributor to Mortgage Banking Magazine, discusses this with Here & Now's Jeremy Hobson.