Bankers expect 18% decline in mortgage originations in '08

Home sales, prices not expected to rebound until late next year

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BOSTON — Mortgage originations are expected to fall 18 percent in 2008, dropping below the $2 trillion mark for the first time since 2000, the Mortgage Bankers Association said Tuesday.

Although economic fundamentals remain sound, housing is “clearly in a deep recession,” said MBA Chief Economist Doug Duncan, briefing reporters at the group’s annual convention in Boston.