In another sign of a weakening housing market, Fannie Mae downgraded its GDP forecast for this year and its forecasts for home sales and mortgage originations.
According to a mid-May release, it now projects real GDP growth, measured on a Q4/Q4 basis, to be only 1.3 percent in 2022, down from the previous forecast of 2.1 percent, and to decline in 2023 by 0.1 percent, unchanged from our previous forecast.
It revised downward its projection of 2022 and 2023 total home sales by 3.7 percent to 6.1 million and 4.5 percent to 5.4 million, respectively.
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