U.S. housing may be near bottom-Freddie Mac CEO

DETROIT, Jan 26 (BestGrowthStock) – The U.S. housing market may at
least be nearing a bottom after its worst downturn since the
Great Depression, Freddie Mac (FRE.N: ) Chief Executive Charles
Haldeman said on Tuesday.

“The numbers will always bounce around some, but from home
sales to house prices, it appears that nationally we may at
last be approaching a bottom,” Haldeman said at a speech
sponsored by the Detroit Economic Club.

Housing has been recovering from a three-year slump, driven
by a tax credit for first-time buyers and low mortgage rates.
The tax credit, which had been scheduled to end in November,
was expanded and extended until June.

Haldeman said he expected the 30-year fixed mortgage rate
to remain between 5 percent and 6 percent throughout 2010.

The mortgage financed company refinanced loans for almost
170,000 families through the end of 2009 under an Obama
administration program aimed at stemming a rising tide of
foreclosures, Haldeman said.

Combined with Freddie Mac’s own programs, the company
refinanced about $379 billion in home loans in 2009, he said.

Money

(Reporting by Soyoung Kim, Editing by Chizu Nomiyama)

U.S. housing may be near bottom-Freddie Mac CEO