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Mortgage Bankers Association predicts foreclosures, unemployment peaking in 2010, home sales up 11 pct

Here are some excerpts from the following
yahoo finance article:

Foreclosures will peak by the end of next year and unemployment will climb above 10 percent as the housing market and U.S. economy grapple with the aftermath of the recession, the Mortgage Bankers Association’s chief economist said Tuesday.

“The recession is behind us but the effects of the recession will linger for some time in the form of higher unemployment and lower levels of business investment and home construction,” Brinkmann said.

The economist forecasts economic activity will slow again in the first half of next year but pick up in the second half. That won’t be enough to slow unemployment, which is expected to peak at 10.2 percent by mid-2010 and not fall below 8 percent until late 2012.

But some economists expect that a wave of foreclosed properties could hit the market in 2010, dampening home prices again.

Read more at http://finance.yahoo.com/news/Banker-Foreclosures-apf-130244311.html?x=0&.v=6

US home resales down 2.7 percent in August, ending four-month streak of improving numbers

 

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US home resales down 2.7 percent in August, ending four-month streak of improving numbers

The National Association of Realtors said Thursday that sales dropped 2.7 percent to a seasonally adjusted annual rate of 5.1 million in August, from a pace of 5.24 million in July. Sales had been expected to rise to an annual pace of 5.35 million.

The median sales price was $177,700, down 12.5 percent from $203,200 in the same month last year.

Inventory of unsold homes on the market fell to 3.6 million, from 4 million in July. That’s an 8.5 month supply at the current sales pace, and the lowest level in more than two years.

The U.S. Government is not promising big results for new mortgage relief effort

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The U.S. Government is not promising big results for new mortgage relief effort

Last month, the Obama administration launched a program to help homeowners with loans insured by the Federal Housing Administration. About 850,000 FHA borrowers are behind on their payments or in foreclosure, yet the program will assist just 45,000.

The effort targets homeowners who were ineligible for the government’s other loan modification plans. But the decision not to rescue more FHA homeowners reflects the Obama administration’s need to protect the financial health of the agency, and to set more realistic goals for helping borrowers as its other loan modification programs fall short.

Read more at http://finance.yahoo.com/news/Low-expectations-for-new-loan-apf-894364692.html?x=0&sec=topStories&pos=3&asset=&ccode=