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Tuesday, January 15, 2008

Mortgage lending forecast to fall 16% this year

January 15 2008
Previously owned home sales are also expected to fall as banks rack up billions in losses, according to the Mortgage Bankers Association. U.S. mortgage lending will fall by more than 16 percent this year, dragged down by a worsening economy and a slumping mortgage market, an industry group predicted Monday. The Mortgage Bankers Association forecast that U.S. mortgage lending will fall 16.2 percent this year to $1.96 trillion, down from a projected $2.34 trillion last year. The group also said sales of previously owned U.S. homes will drop by about 13 percent, while median prices fall about 2 percent. New mortgage lending would continue its downward descent in 2009, the group predicted, but home sales and prices would steady a bit.

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