Arlington, Va. -- During the Home Improvement Research Institute Spring Conference, the Mortgage Bankers Association (MBA) forecast a 2.3% gain in 2012 existing home sales.
In a “Mortgage Market Outlook” presentation, Mike Fratantoni, VP of single-family research for the MBA pointed to the 2012 forecast of 4.391 million existing home sales, up 2.3% from 2010. The forecast for 2013 is for 4.646 million.
Fratantoni explained to the conference attendees, mostly home improvement research and marketing professionals, that the U.S. economy seemed to be on the path to a self-sustaining recovery, an assessment he qualified with a “but” and an “and.”
“The ‘but’ is that the U.S. economy is more impacted by global events than we ever have been,” Fratantoni said. Greece and pain cause concern. But what really keeps him up at night is the idea of “difficulties with Iran and the potential spike in oil prices.”
The MBA also forecast 324,000 new home sales, up from 303,000 in 2010. For 2013, the new home sales forecast is for 395,000.