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Tag Archives: U.S. Economy

Outlook for Housing and Economy Remain Positive Despite Q1 GDP Contraction

Despite economic growth taking a step backward, the forecast for housing for the rest of the year remains positive, according to Fannie Mae SVP and chief economist Doug Duncan. New home sales increased by 6.8 percent in April up to 517,000 annualized units; the National Association of Realtors' Pending Home Sales Index has risen by 14 percent in the last 12 months; existing home sales are at a nine-year high; and purchase applications recovered at the end of May from a slow first half of the month up near a two-year high.

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Forecast Calls for Moderate Economic Growth; Housing Gaining Momentum

Leading indicators for the housing sector have shown that despite the moderate economic growth predicted, housing may experience a strong season in the spring, according to Fannie Mae. In March, existing home sales rose to their highest level in nearly two years, but for Q1 existing home sales were off slightly from the previous quarter's total. Despite a slowdown in March, new single-family home sales ended the first quarter at their strongest pace in seven years.

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Economists Retain Positive Outlook Despite ‘Paltry’ GDP Growth in First Q1 Estimate

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In spite of the recent reports of slow economic growth in Q1, Fannie Mae has maintained its forecast for GDP growth of 2.8 percent this year and its position that the economy will "drag housing upward." Fannie Mae chief economist and SVP Doug Duncan pointed out that the actuals as far as housing – existing home sales, new home sales, and prices – were either at or very close to their predicted levels during Q1, and mortgage purchase applications have been way up for the last couple of months.

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Fannie Mae’s 2015 Economic Forecast Unchanged Despite Q1 Setback

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In the ESR's April 2015 Economic Outlook released Monday, the projection for economic growth in 2015 held steady at 2.8 percent despite a downward adjustment for Q1 growth from the prior forecast. However, Fannie Mae is expecting some volatility in financial markets due to the Federal Reserve's expected interest rate increase later in the year.

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