A new report on title insurers by a financial services firm projects that 2009 will see a $1.8 trillion mortgage market--down 1.3 percent from last year.
New York-based Keefe, Bruyette & Woods said its estimate involves a cautious approach as to whether mortgage application levels actually translate into higher closed volumes given current underwriting standards and credit availability.
The firm's report said rate cuts and other actions from the Fed driving down mortgage rates have unleashed "a significant rise in applications," and government action creates the possibility "for the 2009 origination market to end up being better than previously envisioned."
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