U.S. Economic and Housing Market Outlook
October 22, 2013
Freddie Mac released today its U.S. Economic and Housing Market Outlook for October showing that the federal government shutdown, debt ceiling issues, and the slowing economy -- including the severely depressed level of new home construction -- are slowing the housing recovery heading into the fourth quarter of the year. For the complete October 2013 U.S. Economic and Housing Market Outlook click here.
Attributed to Frank Nothaft, Freddie Mac vice president and chief economist.
"The housing recovery keeps chugging along despite a constant barrage of disruptions to the broader economy. We're likely going to see the housing recovery slow down, but not shut down, as we close out the rest of this year due to tight inventories in many markets, rising mortgage rates and slumping consumer confidence. Fortunately, the housing recovery should continue to absorb the economic shocks in stride and improve next year."