Daily Real Estate News | January 27, 2010
The inventory of foreclosed houses still hampers the recovery of the housing sector, but overall, the U.S. housing market appears to be at or near bottom, Freddie Mac CEO Charles Haldeman told the Detroit Economic Club on Tuesday.
He predicted that the 30-year fixed mortgage rate would remain between 5 percent and 6 percent through 2010.
"The big downside risk to all this is a large wave of homes now in foreclosure potentially hitting the market at prices that are destructive," Haldeman said.
Source: Reuters News, Soyoung Kim (01/26/2010)