Housing Forecast
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With 25 percent of mortgages underwater and high levels of delinquencies, James Lockhart, former director of The Office of Federal Housing Enterprise Oversight (The Great Wizard Behind the Curtain for Fannie Mae and Freddie Mac), says the housing market will need another year or more before it shows signs of recovery.
This all comes before the hangover hits from the homebuyer tax credit, and all the pay option ARMs hit their maximum negative amortization forcing a payment recast and causing more loans to go delinquent. Least we forget the shadow inventory.
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Found your post via Bing. The economy won’t improve unless we keep low interest rates and get unemployment under control. the real estate market has to improve to bring the economy up. Particularly in Las Vegas and similar markets.