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March 28, 2012 /PRNewswire/ --
Freddie Mac (OTC: FMCC) released today its U.S. Economic and Housing Market Outlook for March showing signs the housing market is awakening from its depression-like condition of the past few years and beginning, though slowly, to make a nascent recovery.
Stronger economic growth this year will translate into a further reduction in the unemployment rate below 8.3 percent.
With stronger economic growth, home sales and originations forecasts have been revised upward.
Expect 30-year fixed-rate mortgages to gradually increase throughout the year to about 4.5 percent.
New rental construction for 2012 is likely to be the highest since 2005 if the current pace is maintained.
Even with a 1 percent dip in new and existing homes sales in February, median sales prices moved up 0.3 percent on a year-over-year basis, a hint that home values may be stabilizing in more markets around the nation.
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March 2012 U.S. Economic and Housing Market Outlook. Freddie Mac compiles data on major economic and housing and mortgage market indicators and offers forecasts based on those indicators.
Frank Nothaft, Freddie Mac, vice president and chief economist.
"The housing market continues to struggle amid strong economic headwinds. However, a variety of encouraging indicators suggest that the housing market may be feeling a nascent recovery, and more neighborhoods may see a stabilization in overall demand and housing values this spring."
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Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.