Refinancings will drop 52% and purchase mortgage volume will drop 5% this year, the market research firm iEmergent Inc. said Monday.

The Des Moines firm predicted total volume of $1.09 trillion to $1.2 trillion for this year. More than one-third of U.S. households are no longer in the homebuyer pool, which is now at levels lower that those experienced in the early 1990s.

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