Tuesday, April 20, 2010
ECONOMY
Fannie: Excess homes weighing on recovery
Fannie Mae's economic and mortgage market analysis group said Monday that the housing market is stabilizing but that excess inventory continues to hinder a recovery.
The D.C.-based mortgage giant released a report that projects economic growth of 3.1 percent for 2010. Doug Duncan, Fannie's chief economist, said the unwinding of programs such as mortgage-backed securities are evidence of viability for the industry without federal aid.
New-home sales are at record lows and will remain slow, Fannie said, but it pointed to signs of recovery in existing-home sales.
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/19/AR2010041905368.html?wprss=rss_business
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