More grim predictions for us housing market

Housing markets will remain flat, flat, flat in 2011, according to forecasts from the Mortgage Bankers Association.

The organization, which represents more than 80% of the nation's mortgage business, predicts that overall home sales will inch down 0.1% during the year. Sales of existing homes will fall 1% to 4.82 million, and new home sale will rise 10% to 358,000.

The MBA attributes the sales decline mostly to slow economic recovery and high unemployment. Until hiring picks up, the market will continue to struggle.

The MBA has also reduced its forecast due to recent credit liability issues affecting banks, according to its chief economist, Jay Brinkmann.