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Freddie Mac, one of the key mortgage lenders, has released it’s outlook for the real estate market.
Here is an overview of key points from the lender’s March 2013 U.S. Economic and Housing Market Outlook issued.
- Compared to 2012, expect home sales to be up 8 to 10 percent for 2013. Expect housing starts to increase to 950,000 units for 2013, compared to 780,000 in 2012.
- In 2012, real estate added $1.5 trillion to balance sheets, and residential mortgage debt outstanding increased by 0.1 percent in the fourth quarter of 2012, indicating household de-leveraging might be drawing to a close.
- Because of sequestration spending reductions, expect the unemployment rate in 2013 to average about 7.8 percent, essentially flat for the year or about 0.25 percentage points higher than it otherwise would have been.
- Regardless, the housing wealth effect is taking hold in the broader market which should translate into the healthiest spring home buying season since 2007.
You can see the complete Freddie Mac report here.
source: The RE Bloggers