Fact Sheet on Housing Recovery:Â Forecasting
Part IÂ Â Be in
recovery slow down, but not shut down, as we close out the rest of this year
due to tight inventories in many markets, rising mortgage rates, and slumping
consumer confidence says Frank Nothaft, Freddie Macâ€™s chief economist.
the housing recovery should continue to absorb the economic shocks in stride
and improve next year."
By the end of the year,
mortgage rates are expected to average around 4.3 percent and then increase in
2014, according to the Freddie report.
Limited housing inventories continue to be a challenge
for the housing market. Inventories remain constrained at a 5-month supply in
Freddieâ€™s report says inventories of homes available
remain tight due to still-present negative equity for many households, a
declining supply of distressed sales, and a â€œseverely depressed level of new
U.S. economy is expected
to add less than 1 million housing units in 2013 and around 1.15 million in
2014, which Freddie economists note is significantly below normal levels.
â€œExpect the ramping up
of residential construction to take a while, and while economic growth will
improve over the next year, the economy wonâ€™t be operating at full potential
until sometime after 2015,â€ Freddie notes in its forecast. Â Source: â€œWill the Economic Recovery Shut Down?â€ Freddie Mac (Oct.
prepared to act? We can help. Let me hear from you.Â
Hollywood Homes by MC
MC Griffin Campbell, Broker/Owner:Â License #: 01819507
Short Sales and Foreclosure Resource (SFR)
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(SRES); MFT, M.Div.
Fax #: 323-927-1711