WASHINGTON -(Dow Jones)- U.S. economic growth is expected to hold steady in 2010, but new jobs will be scarce–a problem that will likely have a major impact on homeowners, the Mortgage Bankers Association said Tuesday.
Jay Brinkmann, the group’s chief economist, said he expects the nation’s unemployment rate to hover around 10%, signifying that while the pace of lay- offs may be slower, the lack of new employment opportunities could continue to pose problems for many American families.
“The problem we are seeing is no growth in new jobs,” Brinkmann said. “This is the largest group of long-term unemployed we have ever seen. We are facing a unique employment situation.”
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