Economists at Fannie Mae say the Federal Reserve‘s fiscal policy is having its desired effect on the housing market – home price growth began to slow in the summer, and the GSE says the housing slowdown will continue through 2023.
The agency’s Economic and Strategic Research (ESR) Group forecasts the total home sales to decline 17.2% to 5.71 million units this year from 2021, a further downward revision from August’s projected 16.2% drop.
The latest forecast also projects total mortgage origination activity at $2.44 trillion in 2022. The mortgage market is projected to slip further to $2.17 trillion in details ⇒
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