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Freddie Mac’s November U.S. Economic and Housing Market Outlook defines what a healthy housing market will look like over the next five years. Using recent trends, key indicators, and shifting demographic patterns, Freddie Mac’s forecast sets expectations for a healthy market at a more realistic level, below the peaks of the housing bubble. Frank Nothaft, Freddie Mac’s vice president and chief economist, said the long-term prognosis is promising but a healthy housing market should not be compared to what it was during its peak years. According to the report, housing starts should increase to 1.8 million units per year compared to 2.1 million in 2005. Also, home sales should rise to about 5.0 percent of the housing stock rather than 7.0 percent and prices should gain approximately 3.0 percent per year compared to 11 percent in 2005. More here.
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