US Housing Market Recovery Will Take More Time, Fannie Mae Exec

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It will be a long road ahead for the US housing marker as major investors remained cautious in putting their money into home stocks, an executive of mortgage giant Fannie Mae said on Monday.

But he said that the industry remained hopeful despite challenges posted in the coming months.

The chief executive officer of mortgage giant Fannie Mae on Monday said that the recovery for the US housing market will take time as major investors remained cautious of the economy thinking that it is still in “limbo” as the recession hit bottom.

In a statement, Fannie Mae CEO Michael Williams said that it will be a “long way ahead” for the US housing market, adding that 2009 will be a “very, very tough year” for the industry.

“As the US housing market struggles to acquire strong footing, the rest of the year will be more of a new struggle for the industry as major investors are thinking twice before they put their money into the stocks,” he said.

It was Williams’ first interview as the newly appointed CEO of Fannie Mae, which earlier filed for bankruptcy protection from the government. The mortgage firm, along with its sister company Freddie Mac, were among the hardest hit by the recession.

“The housing industry is seeing light at the end of the tunnel like anyone looking objectively at the current state of the economy,” Williams said.

He also likened the state of the housing market to a “patient-out-of-the-intensive care unit,” but stressed that it will be a long rehabilitation before it could stand up on its own.

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US Housing Market Recovery Will Take More Time, Fannie Mae Exec

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