The Mortgage Bankers Association, which just wrapped its annual convention in Atlanta, predicts that 2011 will only see modest increases in home sales. Their forecast for 2012 is more upbeat.
Some of their predictions:
- Existing-home sales – about 2% growth in 2011; 16% in 2012
- New-home sales – 20% growth in 2011; 40% in 2012
Most relevant to MBA’s membership base, is that these increases are expected to drive up the dollar volume of purchase mortgage originations by 30% percent in 2011.