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 October 17, 2007

Bankers Receive Discouraging News Regarding Mortgages
At a meeting of the Mortgage Bankers Association, mortgage experts expressed that rising foreclosure rates coupled with a glut of unsold homes creates quite an obstacle for any type of rapid home price rebound in the real estate market.
Thomas Lund, an executive vice president with Fannie Mae states that he believes that this year will see a 2% drop in national home prices, with an approximate drop of up to 4% next year. He continued by stating that home prices will likely even out in 2009 before returning to a gradual increase in 2010.

Lund also expressed his support for new legislation which would infuse additional cash into the market in order to give lending institutions additional leeway to assist at-risk homes in the refinancing of their mortgages.

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