Fannie Mae Says Housing Downturn at an End

By Kyle Chezum Updated on 11/19/2010

11/19/2010

Fannie Mae’s Economics and Mortgage Market Analysis Group casts the future of the housing industry in a positive light.  “We expect home sales to increase by about 3 percent in 2011, says Fannie Mae (OTC BB: FNMA) chief economist Doug Duncan. “However the pace of the recovery will be largely determined by labor conditions. If hiring improves at a faster pace than expected, home sales will likely see a stronger gain in 2011 and visa versa.”

Housing sales will continue to decrease through the end of 2010 due to foreclosures, but will likely pick up again in 2011.  2010 will likely be the bottom of the downturn when viewed in hindsight.

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