Subscribe
1-888-746-7820

Fannie Mae: Housing activity cools

A healthy dose of winter home sales led to a disappointing spring with housing activity cooling somewhat in the latter part of the first quarter, Fannie Mae said Thursday.

Doug Duncan, chief economist for Fannie Mae, said activity levels looked promising in the first quarter due to warm weather wooing buyers off the sidelines. But those activity levels cooled in the latter part of the quarter.

Still, Duncan and Fannie’s research team expect home sales to rise 7% in 2012, suggesting ongoing tepid growth in the market.

“Our outlook is bolstered by improvements in consumer sentiment seen in our National Housing Survey results, which show that consumer views of housing market conditions have become more supportive of home purchases and their outlook on home prices,” Duncan said. “Interestingly, we’re seeing a pickup from depressed levels in the good time to sell category, suggesting rising optimism about the housing market.”

Duncan says economic growth slowed to 2.2% in the first quarter, down from 3% in the fourth quarter of 2011. Even though consumer spending was the primary force of growth, it’s not sustainable with most households lacking true income support, Fannie said.

Overall, there will be economic growth in future quarters, but it will be sluggish in the current quarter until firming in the second half, according to Duncan.

Source: www.housingwire.com By Kerri Panchuk

Leave a Reply

Latest Posts

  • Leon Cook
    Leon Cook
    As the CEO of Short Sale Experts, Inc. Leon and his staff have...
  • Sara Ard
    Sara Ard
    As the COO of Sale Experts, Inc. Sara and her negotiations team have...

Address

925 B Street Suite 102
San Diego CA, 92101
Phone: (888) 746-7820
Fax: (888) 597-2040
Website: http://shortsaleexpert.com
Email: info@shortsaleexpert.com

Short Sale Expert

Encore Real Estate Group
CA DRE Lic. #01883210

Broker: Troy Anthony Huerta
Agent: Leon Cook
CA DRE Lic: #01028204
CA DRE Lic: #01866021

925 B Street Suite 102
San Diego, CA 92101

Phone: 1-888-746-7820
info@ShortSaleExpert.com