The Mortgage Bankers Association (MBA) recently released their mortgage finance forecast for December. Total origination volume for 2006 is expected to be just shy of $2.5 trillion, which is about half a trillion dollars lower than the 2006 volume. According to the MBA estimates volume will continue to plummet through 2008 even though rates are predicted to remain fairly stable and remain between 6.4% to 6.6%. The hardest hit sector will continue to be refinance transactions which are expected to fall a whopping 31% through 2008 and account for only 37% of all originations. downtown San Diego condos
[tags] home refinance, real estate market, real estate, housing, housing market, real estate refinance, real estate bubble, California real estate, home values[/tags]
Well sure home refis are going to drop. How do you refi a San Diego home where the existing home loan is 15%+ GREATER than the current home’s value?
And to top it all off—soon to be exPres George W Bush will be leaving U.S. with a $10trillion dollar debt to be paid with declining home prices. Give me back Clinton’s 90s balanced budget economy any time compared to the nutz currently running Washington.
Melissa
California Bail Bond Services