Bankers Hear Discouraging News About Mortgages
Daily Real Estate News October 16, 2007
The continuing spike in foreclosures, combined with the glut of unsold homes, will prevent any rapid price rebound, mortgage experts told attendees at the Mortgage Bankers Association annual convention going on now in Boston.
"I think this year we will see a 2 percent decline in national home prices, and we're projecting about a 4 percent decline next year," says Thomas Lund, an executive vice president at Fannie Mae.
Prices will likely flatten out in 2009, Lund says, before gradually rising in 2010. Lund expressed support for legislation that aims to infuse more cash into the market and give lenders more leeway to help at-risk home owners refinance.
Source: Dow Jones International News (10/15/07)
The continuing spike in foreclosures, combined with the glut of unsold homes, will prevent any rapid price rebound, mortgage experts told attendees at the Mortgage Bankers Association annual convention going on now in Boston.
"I think this year we will see a 2 percent decline in national home prices, and we're projecting about a 4 percent decline next year," says Thomas Lund, an executive vice president at Fannie Mae.
Prices will likely flatten out in 2009, Lund says, before gradually rising in 2010. Lund expressed support for legislation that aims to infuse more cash into the market and give lenders more leeway to help at-risk home owners refinance.
Source: Dow Jones International News (10/15/07)
posted by Brittany Nigh at 9:24 AM
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