Freddie Mac issued its U.S. housing market report last Monday and said that the housing market is unlikely to experience a “double-dip” setback. In the July U.S. Economic and Housing Market Outlook, Freddie Mac said that housing likely will follow the performance of the overall economy for the rest of 2011. The number of home sales are expected to exceed last year’s numbers by 3-5%.
The Federal Home Loan Mortgage Corp. also stated that despite record levels of home buyer affordability and historically low mortgage rates, households were concerned about their financial futures and as a result were delaying making major purchases including buying real estate.
The rental housing market showed the clearest signs of a turnaround with the apartment property price index showing a 15.2 percent gain over the year through the first quarter of 2011.
Frank Nothaft, Freddie Mac’s vice president and chief economist said “Following June’s labor market report, households are naturally concerned about their financial futures, which is being reflected in the housing market. Yet, the single-family market will likely improve over the balance of 2011, in keeping with positive [gross domestic product] forecasts for the United States.”
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