Industry NewsMortgage

Real estate to stay rosy

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Mortgage originations will average nearly $3 trillion per year over the next decade and residential mortgage debt will grow at close to an 8.25 percent annualized rate. Those were two of the projections presented today in a 10-year forecast from the National Association of Realtors, Independent Community Bankers of America, National Association of Home Builders, Fannie Mae and Freddie Mac. Economists from those groups, which are part of the Homeownership Alliance, summed up their in a report, "America's Home Forecast: The Next Decade for Housing and Mortgage Finance." Freddie Mac Chief Economist Frank Nothaft said America's families will need 125 million mortgage loans for home purchases or refinancings, totaling $27 million in mortgage originations. First-time home buyers will remain a major component of the purchase market, buying about 24 million homes over the next decade. Those trends would push the nation's outstanding mortgage debt to $17 trillion in 2013, Nothaft said. Faster ...