Industry News

Economic future bright through 2007, bankers’ group says

'Robust' growth in the forecast

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

A major national mortgage bankers' group projects "robust" economic growth through 2007 and says 2005 will be the third-biggest year ever, trailing 2003 and 2002, the group said today. The Mortgage Bankers Association today released its three-year economic forecast update, projecting robust economic growth of around 3.5 percent through 2007. Total residential mortgage production in 2005 will be $2.78 trillion, the third-biggest year behind 2003 and 2002, the MBA said. "At about 3.5 percent, economic growth will be solid this year despite a drag from sharply higher energy prices, hurricane-related impacts, and a widening trade deficit," said Doug Duncan, MBA chief economist, in a statement. "Housing will continue to be a major contributor to economic growth, and we expect the string of record-high home sales to continue for the fifth consecutive year in 2005," Duncan said. During a panel discussion at MBA's 92nd Annual Convention & Expo in Orlando, Duncan said that the labor ma...