Hurricanes Impact on Housing Could Last

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Posted To: MND NewsWire

Fannie Mae has lowered its third quarter projections for GDP growth by 0.2 percent to an annualized 2.4 percent based on its assessment of the overall impacts of the recent hurricanes. The company’s Economic and Strategic Research (ESR) Group says the storms appeared to have slowed consumer spending growth and dragged modestly on consumer and business confidence. They also disrupted home sales, a sector already suffering from tight inventory. The overall economic impacts of the storms are expected to be short-lived so the fourth quarter estimates have been revised up slightly to reflect a rebound in activity and the start of rebuilding efforts. Their GDP growth forecast for all of 2017 remains at 2.2 percent. The ESR is not quite as optimistic about next year. They expect a boost from hurricane…(read more)

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