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Housing expected to improve over last year
WASHINGTON – July 19, 2011 – The U.S. housing market, aided by a recovering
rental sector, is unlikely to experience a “double-dip” setback, Freddie Mac said
Monday.
In its U.S. Economic and Housing Market Outlook for July, the Federal Home Loan
Mortgage Corp. said housing likely will follow the performance of the overall
economy for the rest of 2011. Additionally, home sales are projected to be above last
year’s numbers by 3- to 5 percent.
The report also indicated that despite record levels of homebuyer affordability and
historically low mortgage rates, households were concerned about their financial
futures and were holding off making major purchases, notably homes.
The rental housing market showed the clearest signs of a turnaround with the
apartment property price index showing a 15.2 percent gain over the year through
the first quarter of 2011.
“Following June’s labor market report, households are naturally concerned about
their financial futures, which is being reflected in the housing market,” said Frank
Nothaft, Freddie Mac’s vice president and chief economist. “Yet, the single-family
market will likely improve over the balance of 2011, in keeping with positive [gross
domestic product] forecasts for the United States.”