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DETROIT, Jan 26 (Reuters) – The U.S. housing market appears to have bottomed out after its worst downturn since the Great Depression, but a large wave of homes in foreclosure remains a risk to the sector’s fragile recovery, Freddie Mac (FRE.N) Chief Executive Charles Haldeman said on Tuesday.
Freddie Mac, the No. 2 provider of U.S. residential mortgage funding, expects the pace of foreclosures to accelerate in 2010 as extensive government support to stem a rising tide of foreclosures starts to wane, he said.
“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.
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