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Monday, July 18, 2011

Freddie Mac says housing sector unlikely to see double-dip

You know it's bad when......
Despite uncertainty about the debt ceiling and an unemployment rate that remains stubbornly higher than 9%, Freddie Mac said the housing market is unlikely to experience a double dip.
In its July economic and housing market outlook report, Freddie said the market "will likely follow the performance of the overall economy for the remainder of 2011" with home sales projected to rise above last year's pace by 3% to 5%.
Freddie noted the 9.2% unemployment rate remains a concern, but said "the sluggish job update likely reflects a temporary soft patch in the economy rather than foreshadowing an inflection point in gross domestic product growth."
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