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by CareyBot

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 o...