Housing woes continue as prime loans go bad

08/21/2009 | Wall Street Journal, The

Although subprime mortgage foreclosures have slowed, prime loans increasingly are becoming a problem as home values deteriorate and unemployment rates climb. Home sales have risen in the past few months, prompting an expectation that delinquencies and foreclosures would ease. "Just because we see prices level off doesn't necessarily mean we'll see a big reduction in foreclosures," said Jay Brinkmann, chief economist at the Mortgage Bankers Association.

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