Freddie: Home Sales to Hit Six-Year Low in 2007

Freddie Mac’s latest economic forecast will report that U.S. home sales will drop to their lowest levels since 2001, according to a story up on Bloomberg early this afternoon:

Sales of new and previously owned homes probably will total 6.28 million, according to the world’s second-largest mortgage buyer. That would be the lowest since 6.20 million in 2001. Residential lending will drop to $2.75 trillion, the lowest since 2002, the McLean, Virginia-based company said in today’s forecast.

The forecast is not yet available on Freddie Mac’s Web site. Update: Calculated Risk thinks the numbers are in line with his expectations — or even lower.

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