Freddie Mac's Chief economist says "a healing housing market could boost GDP by 1/2 a percentage point in 2012". The Census Bureau's Residential Construction Report for November pegged annualized housing starts at 861,000 units, a number that far exceeds the most optimistic forecast for 2012. The housing market will likely never return to prerecession numbers,...
New home construction has been well below the 1.5 million unit per year average of the last 50 years, but housing starts are expected to rise from 776,000 units in 2012 to at least 1.1 million in 2013.
Shadow inventory (homes in foreclosure or with seriously delinquent mortgages) has fallen from its high of nearly 4.3 million units in 2009 to 3.1 million units in 2012 and is expected to fall even further to single digits in 2014.
NAR is also forecasting 3 percent growth in GDP by 2014 and for jobs to grow by 2 million this year and 2.6 million next year. This is just what we need to see the significant gains in both existing and new homes sales predicted for this year and next.
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