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MORTGAGE LENDING ESTIMATED TO DROP BELOW $1 TRILLION IN 2011

MORTGAGE LENDING ESTIMATED TO DROP BELOW $1 TRILLION IN 2011

Bloomberg News reported that the Mortgage Bankers Association had announced that home lending in the U.S. will fall below $1 trillion in 2011, the lowest level since 1996. It is estimated that originations will drop to $996 billion next year, as opposed to the projected total of $1.4 trillion for this year. Mortgage lending reached a record $3.8 trillion in 2003 as refinancing became the trend and home prices and sales went sky high.  Tighter lending standards are limiting refinancing because an almost 30 percent drop in U.S. property prices since the 2006 peak, are making it difficult for homeowners to tap home equity.

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