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Secondary mortgage market stays below 1988 levels, mirroring sluggish home sales. (Los Angeles-based S&Ls)

Secondary mortgage market stays below 1988 levels, mirroring sluggish home sales

The sale of mortgage loans by Los Angeles-based savings and loan associations has picked up recently, following a major slump last year. However, such sales have yet to attain 1988 levels.

The ebb and flow of sales activity does not reflect fluctuations in demand, which has more or less remained buoyant throughout this period, according to Ken Portz, senior vice president at CalFed, Inc.

Rather, declining sales are part and parcel of a slower real estate market, said Sam Lyons, senior vice president at Great Western Financial.

With fewer home buyers taking out mortgages, there are ...

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