The real estate market looks to be gearing up for more sales after two major lenders announced they are in the process of hiring 1,600 loan officers. As one of the largest mortgage lenders in the country, JPMorgan Chase is in the process of hiring 1,200 mortgage officers over the next couple of years. While the company does not expect to be suddenly inundated with mortgage applications, they do anticipate steady growth.

Citizens Bank, the nation’s 24th largest lender has plans to add 400 additional loan officers before 2013. They anticipate increased staffing by 100 people in 2010. They increased lending in 2009 by 167% over 2008 and see continued growth going into the future.

The Mortgage Bankers Associate estimates the industry will grow to $916 billion over the next two years. That’s in comparison to this year’s forecast of $725 billion. The expectation is growth will be heavily in purchases by new buyers as the refinance market is expect to drop to $474 billion in 2012, down from $717 billion this year.

In other economic news related to the real estate industry, the Shiller Home Price Index was released this week. In the 20 metropolitan areas tracked, it showed a 0.8% increase in home prices for April. This is a three-month moving average. All 20 metropolitan areas showed an increase. Even the heavily affected city of Detroit saw an average increase from $68,690 to $69,420.

More good economic news for the real estate industry comes in the form of continuing ultra low mortgage rates for well-qualified borrowers. According to the Freddie Mac Weekly Primary Mortgage Survey released on June 24, the average 30-year fixed mortgage rates was at an all-time record low of 4.69%. Also reported was that some brokers were quoting rates as low as 4.25% for well-qualified borrowers. With the exception of the one-year adjustable rate, all mortgage rates hit record lows last week. That includes the 15 year fixed rate mortgage that came in at 4.13% with an average cost of 0.6 point.

The Mortgage Bankers Associate further forecast that “sales will revive, putting the housing market back on track for a long, slow uphill climb to a more normal pace of activity. In the meantime, the steady additions to supply from foreclosed properties, coupled with the minimal number of new units on the market, and the occasional bursts of listings from current owners, will be sufficient to keep downward pressure on home prices for the near term.”