The forecast for the housing market in 2023 gets worse by the month, with the latest report predicting a million-plus decline in existing home sales.

Fannie Mae‘s Economic and Strategic Research (ESR) Group now forecasts total single-family home sales to decline 18.1% to 5.64 million units this year from 2021, a further downward revision from September’s projected 17.2% drop. 

The latest forecast also projects total mortgage origination activity at $1.6 trillion in 2022, a $78 billion decline from last month’s forecast. The mortgage market is projected to slip further to $1.3 trillion in 2023, details ⇒

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