Fannie Mae Sees Dark Days Ahead For Housing

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Fannie Mae Sees Dark Days Ahead For Housing

Fannie Mae sees dark days ahead for the housing market It will get worse for the housing market – and mortgage industry – before it gets better. That’s the takeaway from a group of economists at Fannie Mae who slashed their forecast for 2022 home sales this week. "Housing remains clearly on the downtrend — and has been for several months now — due to the combined effects of outsized home price increases and the significant and rapid run-up in mortgage rates," Fannie Mae’s Chief Economist Doug Duncan said in a statement. Fannie Mae forecasters said that despite mortgage rates settling in the low 5% range over the past month, recent incoming data has led them to revising the home sales forecast, notably because of a drop in new home sales. New home sales are now projected to fall 18% from last year, while existing home sales are expected to fall by 16% in 2022 to 5.143 million.

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