Bleak. The current mortgage economy is bleak. With consumer spending down across the board, decline in growth in China and a recession looming in Europe, the mortgage industry does not look like it will recover anytime soon. People can't afford to spend money buying houses at this point in time due to the negative strain recession will put on their income, as well as fear of loosing jobs due to the impeding economic recession. The housing market is up a little bit with home prices creeping higher, but overall the housing market still has not recovered from three or four years ago when prices were extremely inflated and the market crashed.
The mortgage bankers association is a great place to get all your current economic information related to mortgages. You can find the current monthly forecasts and outlooks at Mortgage Bankers Association.
Other good resources to find information at are my Swirv pages at Facebook and Google+ !
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