MCLEAN, VA, United States (UPI) — Freddie Mac says all the end-of-the-bubble chatter can`t conceal the fact that this is turning out to be a great year for the U.S. real estate market.
‘Even with the slowing in housing activity, the (United States) is in store to have the third-best year on record for the housing industry, surpassed only by 2004 and 2005,’ the federally chartered mortgage lender said Friday in a statement.
‘Nominal home values, on average, continue to rise in most markets, adding to home equity wealth and supporting consumer spending, though less than in the past. Cash-out refinancing remains brisk … which helps to sustain debt consolidation, home-improvement investment and consumer spending.’
The company also said the sector has a bright near-term future, because ‘a spring thaw is expected, as the housing market lands softly on more normal patterns supported by employment and income gains.’
SOURCE: United Press International