Fannie Mae sees 2012 home sales up 3.5% to 4.74 million

According to Fannie Mae economists, the housing sector is expectd to take steps forward in 2012, though total originatons will fall on fewer refinances.

They also say that the second half of the year should outpace the first 6 months, with relation to growth, and political uncertainty and fiscal policy in Washington is expected to drive consumer & business activity.

Chief Economist Doug Duncan said positive consumer activity and challenges in housing and the global economy will equate to moderate growth for the year. He stated that we're moving into 2012 with decent employment on the employment side which is resulting in positive consumer and household behaviors.

Total home sales were reported to increase about 3.5% to abouve 4.74 million in 2012 from 2011, and it's expected there will be a 5% gain in 2013 to close to 5 million. 2012 new home sales are expected to jump 10.4%.