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This year will go down as the one in which the real estate and mortgage markets in many areas moved from a sense of crisis to one where credit unions began to find a little bit of stability.

First of all, record-low interest rates meant that credit union mortgage programs generally had a steady stream of members seeking to refinance their existing mortgages-historically the strongest part of credit union mortgage lending. On the downside, credit union mortgage programs generally saw the flow of purchase money loans slow to a trickle as the volume of real-estate sales and mortgages remained very low.

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