Housing Seen as Emerging Bright Spot by Freddie Mac Economists

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Posted To: MND NewsWire

Even with the unexpected decline in the Gross Domestic Product (GDP) in the fourth quarter of 2012, Freddie Mac's chief economist Frank E. Nothaft , and deputy chief Leonard Kiefer, see housing as an emerging bright spot . In the February issue of Freddie Mac's Outlook they point to a number of measures indicating that housing is an improving economic sector including that fixed residential investment made its first positive contribution to GDP growth since 2005, adding 0.4 percent to growth in the fourth quarter and 0.3 percent for the entire year. December housing starts were above expectations, up 37 percent from December 2011 at an annual rate of 954,000. Housing starts have posted year-over-year gains every month since September 2011. Existing home sales rose 9 percent and new home sales...(read more)

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Source: http://www.mortgagenewsdaily.com/02142013_freddie_mac_forecast.asp

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