Fannie Mae: Housing Faring Better than Economy

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Posted To: MND NewsWire

Fannie Mae's economists used their May economic and strategic summary to downgrade expectations for 2015 growth but at the same time painted a slightly brighter picture for housing. Based on the poor growth of GDP in the first quarter, only 0.2 percent, they downgraded expectations for the year by 0.5 percentage point to 2.3 percent growth. The portion of the report dealing with housing was obviously written both before Tuesday's encouraging news about residential construction or Thursday's disappointing existing home sales report. That said, Fannie Mae's economic team led by Senior Vice President and Chief Economist Doug Duncan called home sales for the quarter "mixed" with March existing home sales at their highest level in two years, preceding the "Taper Tantrum" over Fed Chair Ben Bernanke...(read more)

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Source: http://www.mortgagenewsdaily.com/05212015_fannie_mae_forecast.asp

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