ANAHEIM, Calif. - Home sales in major metropolitan areas will decline by 13.2% this year, according to TRW Redi Property Data.
Such a decline would be bad news for residential lenders, which had expected high home sales to build demand for mortgages.
During 1994, TRW Redi said, most regions in the country experienced an uptick in purchases.
Even California, still struggling from a long recession, showed a slight pickup in volume. But for the first half of this year, California sales fell 21%, and TRW Redi projects a drop of 15.6% for the full year.
Among the more populous states, Florida is expected to have a decline of about 12%; Illinois, 13%; Ohio, 11%; and Texas, 12%. Of the 22 states covered by TRW Redi, Connecticut was expected to have the smallest decline, about 8%.