New Mortgage Rules Could Hurt Homebuyers in California, New York

Still, in markets such as California, New York and Connecticut, about 20% of jumbo loans originated in recent years would be considered non-qualified mortgages, according to the report.

"The adoption of qualified mortgages in January 2014 will limit credit availability for many buyers in these three States," the analysts wrote.

More broadly, the implementation of the rules could "further delay the recovery of the luxury housing market, which generally consists of homes that cost 1 million dollars or more. The luxury-housing sector is still struggling or even deteriorating despite continuous improvement in the overall U.S. housing market," the analysts said.

-- Written by Shanthi Bharatwaj in New York.