Cleaning & Restoration Breaking News

Housing area in '02 will be stable: Fannie Mae economist

Fannie Mae's chief economist is predicting a strong coming year for housing as the current year has been.

WASHINGTON -- Leading U.S. mortgage finance firm Fannie Mae's chief economist is predicting a strong coming year for housing as the current year has been.

The recession has had little negative impact on housing because low interest rates have offset declines in consumer confidence stemming from job worries and the aftermath of the Sept. 11 attacks, said Fannie Mae's David Berson. He said the coming year should bring a gradual resumption of growth that gains steam in the last six months, he said.

"A pickup in the economy next year will be positive for housing activity, although this will be partially offset by higher mortgage rates," he said.

Because housing indicators -- new and existing home sales, housing starts and mortgage finance activity -- have remained relatively strong despite the recession, they are unlikely to soar once the recovery begins, Berson said. Instead, they should remain at near-record levels.

Berson is forecasting that surging refinancing would continue into early 2002. Originations could be slowed if interest rates rose but are still likely to be on track for a strong year, he said, while home values are likely to rise at a more moderate pace, around 3.5 percent to 4 percent, instead of this year's gains of more than 9 percent.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.


Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine


2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.png


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view