Cleaning & Restoration Breaking News

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

December 13, 2001
/ Print / Reprints /
ShareMore
/ Text Size+
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.

Multimedia

Videos

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.

Podcasts

Have a limited marketing budget but realize the importance of neighborhood marketing? Try doorknob hangers, a low-cost, yet highly effective way to drum up more business. In this episode, John Braun discusses the value of this tactic as well as what you should include on the materials you're hanging.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 September

The September issue of ICS features stories on moisture detection, disinfectant services, neighborhood marketing, then we discuss the last level of being phenomenal, and cool products.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

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

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

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

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo