Freddie Mac Pulls a 180 in Housing Outlook

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Posted To: MND NewsWire

Rather than taking a step back this year, home sales now seem ready to best their 2016 numbers. Freddie Mac’s economists admit that, up until this month, their expectations were for the former (i.e. a ‘step back’), but based on recent data, they now see the U.S. housing market “on track to eclipse last year as the best in over a decade.” The company’s May Outlook credits housing’s strong launch into 2017 in part to the surprising downward drift of interest rates since March. Favorable rates, along with strong job growth, have bolstered housing demand, even as economic growth remains tepid-only 0.7 percent GDP growth in Q1. Still, despite the slow growth, blamed to a large degree on weak consumer demand, the labor market “keeps plugging along” with the lowest unemployment rate since 2001 (4…(read more)

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