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Nearly 40% of Mortgages are now FHA, says NAR

By Implode-Explode Heavy Industries

"Nearly 40% of existing homes purchased in November used a Federal Housing Administration (FHA)-insured mortgage, according to a National Association of Realtor (NAR) survey of 3,161 real estate agents? perceptions of conditions on the ground in residential real estate.

"And while this trend may not change immediately into 2010 lending, the FHA is recently defending the program, saying that it is well enough capitalized to avoid any major losses in case of surging defaults."

Full post as published by Mortgage Lender Implode-o-Meter on December 22, 2009 (boomark / email).