Housing Recovery? Not So Fast

Fannie Mae’s chief economist Doug Duncan, while noting home sales are up eight percent over last year, anticipates home prices will continue to fall through this year and bottom out in the beginning of 2013. Fannie’s Economic and Strategic Research Group cites the stagnation in the job market, sluggish income growth, and decreased savings rate as indicators of a slow recovery. HousingWire tells MHProNews the report states this is the third year in a row in which an often robust spring buying season went flat. Duncan adds that the European debt crisis may also contribute to stalling a strong recovery.

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