Home Foreclosures Dominate California Mortgage Conference

by admin ~ October 14th, 2009.

Home foreclosure rates are forecasted to climb through late next year, peaking only after the U.S. unemployment rate reaches 10.2% in the 2nd quarter, the Mortgage Bankers said.  Home foreclosures remain a real problem for the mortgage and housing industries.  “This recession is like a hurricane: You’ve survived the storm and you have a big mess afterwards,” Jay Brinkmann, the chief economist of the Mortgage Bankers Association, said today at the group’s annual conference in San Diego. The effects of the recession, which he said probably ended in July, will linger for “some time” in the form of higher unemployment, fewer mortgage loan originations and lower business development, he said.  Brinkmann forecasts $1.56 trillion in home mortgage originations for 2010, down about 21% from a projected $1.96 trillion for this year.

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