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Looking for a Bottom.(Editorial)
Mortgage servicers - along with investors, originators, builders, and just about everyone else with a stake in the housing sector - are still wondering when values will stabilize. So far, the news isn't pretty. Both Case-Shiller and federal housing regulators say that home values continued to fall late in 2008. The volume of home sales also plummeted to record lows. Low interest rates on conforming mortgages provided a source of optimism, but so far data show that most loans that are being taken out are refinancings, rather than home purchase loans.
Economic anxiety has many potential buyers sitting on the sidelines, while several million borrowers who are coping with a loss of income, employment uncertainty or problematic loan resets are struggling to keep their homes. Optimistic economists predict that home values may begin to stabilize late in 2009. The less optimistic ones see the housing sectors problems continuing to mount, with perhaps several more years of pain as a weak market struggles to absorb a mounting backlog of homes for sale.
As most ...
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