Arlington, Va. -- Key housing metrics are in for a slow ride in 2011, and a quick upturn in 2012, according to the forecast from the Mortgage Bankers Association (MBA).
Delivering the MBA's forecast here at the Home Improvement Research Institute's (HIRI's) Spring Conference, Michael Fratantoni, the MBA's VP single-family research and policy development, said that along with pent-up demand for housing, "there's a lot of pent-up supply out there."
The MBA expects 2011 housing starts of 595,000, compared with 585,000 in 2010. In 2012, the forecast is for 850,000.
Existing-home sales, which were at 4.907 million in 2010, are forecast for 5.087 million in 2011 and 5.450 million in 2012.