AgentMarkets & Economy

Economists hit the gas on short-term housing market forecasts

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Are you set up for success in 2016? Join 2,500 real estate industry leaders Aug. 4-7, 2015, at Inman Connect in San Francisco. Get Connected with the people and ideas that will inspire you and take your business to new heights. Register today and save $100 with code Readers. Takeaways: Fannie Mae raised its forecast for July home sales from 5.65 million to 5.75 million. The Mortgage Bankers Association (MBA) also revved up its forecast for purchase originations to $801 billion this year, up $71 billion from its prior estimate. MBA Chief Economist Mike Fratantoni said the stronger job market and somewhat higher levels of inflation will lead the Fed to hike mortgage rates in September. Encouraged by strong home sales and surging home prices in the busy spring and summer buying seasons, economists are ramping up their expectations for the mortgage and housing markets. This week, Fannie Mae raised its forecast for July home sales from 5.65 million to 5.75 million, sayi...