(UNDATED) - A new Harvard University study takes a sobering look at the nation's housing market.
The study called, "The State of the Nation's Housing 2013," says despite rising home prices, growing demand and historically low interest rates, Americans remain in a state of housing crises.
The study says many Americans remain delinquent on mortgages and owe more than their homes are worth.
On the rental side, the study says many Americans, especially low income renters are spending much of their income on housing.
Indianapolis-based Greg Cooper is a real estate broker with The Richwine Group of Prudential. Cooper says the market is improving, but major red tape in the credit process remains a big hurdle for would-be homebuyers.
Cooper says there are also issues with valuations and appraisals needed for refinancing.
Cooper blames government regulation for many of the issues consumers face. Cooper says simplifying the process is definitely needed.
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