Mortgage executives forsee housing slump until 2010

U.S. housing prices will continue to decline and may not begin increasing until 2010 according to executives from the biggest mortgage lenders.

According to David Lowman, CEO of JPMortgage Chase’s Global Mortgage unit, “It’s going to be a long time before we see it bottom out and recover.  There’s too much inventory already in the marketplace.”

According to Thhomas Lund, executive vice president at Fannie Mae, “I think this year we will see a 2 percent decline in national home prices, and we’re projecting about a 4 percent decline next year.”

Read more about what these mortgage executives predict about our housing market at CNBC.