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by CareyBot

A major mortgage industry group today released its three-year economic forecast update, projecting robust economic growth of 3.5 percent through 2007, fueled in part by continuing record-high home sales. The Mortgage Bankers Association predicted that total residential mortgage production in 2005 will be $2.74 trillion, the third-biggest year behind 2003 and 2002. "At about 3.5 percent, economic growth will be solid this year, despite a drag from sharply higher energy prices and a widening trade deficit. Housing will continue to be a major contributor. We expect the string of record-high home sales to continue for the fifth consecutive year," said Doug Duncan, MBA chief economist. Duncan predicted that the labor market will remain strong, even with an expected pickup in productivity i...