In a new report issued this week ” ECONOMICS AND MORTGAGE MARKET ANALYSIS”, Fannie Mae’s Doug Duncan and Orawin Velz said that the end of the longest recession since the Great Depression is ‘unofficially’ over. The Fannie Mae economists are projecting sales of new and existing homes to increase 11 percent next year and that national home prices will finally stabilize.
“Our forecast continues to show that growth is likely to moderate somewhat in the current quarter and early next year, before strengthening in late 2010.”… “It appears that the economic recovery is here,” Doug Duncan and Orawin Velz said in a report summarizing their economic and mortgage forecasts, although they expect it “will be relatively weak compared with previous recoveries from deep recessions”.
