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BRIEFLY

December 21, 1987

The Mortgage Bankers Assn. said the housing industry remains strong and a recession appears unlikely. Warren Lasko, executive vice president of group, said the industry does not expect imminent economic weakness, based on figures for November showing increases in new home orders, production and employment. The group released a survey showing the percentage of Americans who were late on their mortgage payments in the third quarter of 1987 marked the largest decline on record and dropped to its lowest level in eight years. Loans 30 days or more past due declined from 5.09% in the second quarter to 4.63% in the third quarter.

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