Quote Attributed to Frank Nothaft, Freddie Mac vice president and chief economist. The housing recovery is struggling to shift into a higher gear, and obviously there are various imbalances holding this back from happening, but at the heart of the matter it comes down to jobs. Housing needs stronger, and just as important, sustained levels of job creation to get the housing engine firing on all cylinders. Aprils jobs numbers were encouraging, and nothing will solve the supply and demand factors faster than keeping employment growth going. Until we see this happening, were revising our forecast lower in several areas on an annualized basis. While we still see an improving trajectory for the housing market, were pushing it out a few months from our earlier forecast because we expect GDP growth to pick up in the final three quarters of the year from what was clearly a dismal first quarter reading. Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nations residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac, Twitter @FreddieMac and Freddie Macs blog FreddieMac/blog. ow.ly/x0Gq8
Posted on: Mon, 19 May 2014 14:48:26 +0000
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