International Economics –‘Guardian International–(More US Delinquencies Emerge)…

PRLog (Press Release) – Jul 06, 2009 – “Guardian International” analysts have reportedly suggested that news showing a sharp jump in delinquencies on the least risky mortgages guaranteed by Fannie Mae, the giant US mortgage originator, is a clear sign that the troubles of the US housing market are far from over.
According to a Reuters report, “The rate of serious delinquent payments on single-family mortgages that Fannie Mae guarantees jumped 27 basis points to 3.42 percent in April, the latest data available. A year earlier, the rate was 1.22 percent.”
Sources close to the “Guardian International” analysts opined that with foreclosures in the US still gathering pace, it was unlikely that a recovery in the housing market would happen this year.
America’s housing market has been in steep decline for more than two years and has underpinned the financial crisis that has seen global banks write-down billions of dollars.
“Guardian International” continues to advise its US-based clients to avoid speculative purchases in the housing market but have recently conceded that it believes a recovery in the market will begin by mid-2010 as banks slowly begin to lend to consumers again.