The WPJ
Residential Real Estate News
Freddie Mac Says Favorable Job Prospects Aiding U.S. Housing Recovery
According to Freddie Mac's February 2012 U. S. Economic and Housing Market Outlook Report released this week, February is showing cautious signs of the economy and housing market moving in a positive direction fueled by an environment of low interest rates and more favorable job prospects for many Americans.
Freddie Mac's chief economist Frank Nothaft tells World Property Channel, "The US economy continues to build on the momentum from the end of last year. Our outlook anticipates gradual, but steady, improvement in the economy and the housing market, supported by low interest rates and brightening job market prospects."
Freddie Mac's February Report Highlights include:
- Job gains exceeded expectations for the past two months, but those leaving their jobs voluntarily were 2 million in December compared to the pre-recession average of 3 million, reflecting worker uneasiness.
- The unemployment rate fell to 8.3 percent; and weekly unemployment benefits applications decreased for the third consecutive week to 348,000, the fewest since the first week in March 2008.
- More warmth is expected in the housing market sometime in 2013, as the economy continues on its slow path to a stronger recovery in a low-interest-rate environment.
- Low mortgage rates will continue to keep homebuyer affordability high and help drive more HARP refinances.
- Consumers sentiment weakened in January while at the same time homebuilder confidence continues to show signs of growth.
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