Housing and Economy Probably Heading Downhill; Starter Home Drought Leaves 1st Time Buyers Thirsty
Deja vu all over again? Freddie Mac says economic growth is recovering from a weak first half of the year, the labor market is holding steady and Fed watchers are concluding that a rate hike will come in December; worldwide economic growth is weak and appears likely to get worse. The company's economists add, " We've been here before ... last year." The economy continues to sputter along and the housing market continues to be a bright spot although with "less room to run than in the prior few years." Refinance-spurred mortgage activity is starting to slow as rates rise and that will persist into 2017 as the mortgage market becomes more purchase-dominated. Freddie Mac's Outlook for October closely mirrors predictions in the Fannie Mae forecast earlier this month with a prediction of full-year
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