NEW YORK (TheStreet) -- Shares of Freddie Mac (FMCC) and Fannie Mae (FNMA) are down 1.57% to $3.76, and 1.5% to $3.78, respectively, after the federally controlled mortgage finance firms lowered their forecasts for the U.S. housing market's performance in 2014, the Wall Street Journal reports.
Fannie Mae chief economist Doug Duncan said today he expects builders to start construction on 1.05 million housing units this year, 50,000 below an earlier Fannie forecast.
He cited constraints on credit and labor, the Journal said.
Freddie had previously cut its forecast for home sales this year to 5.5 million from an earlier estimate of 5.6 million.Must Read: Warren Buffett's 10 Favorite Growth Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts