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Economic Improvement Predicted for the Rest of 2015 Despite Market Volatility

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Economic Improvement Predicted for the Rest of 2015 Despite Market Volatility Despite recent market volatility, economic growth in the second half of the year is expected to improve, according to data released by Fannie Mae on Wednesday.Fannie Mae’s Economic and Strategic Research (ESR) Group found that consumer spending and other solid domestic fundamentals are predicted to be key drivers of the rest of the year economic growth.“Our forecast for the year is largely unchanged despite recent market volatility. Fundamentals are positive, suggesting potential for some improvement in the fourth quarter,” said Doug Duncan, Fannie Mae’s chief economist.Various data reports over the last month reveal positive economic activity despite stock market volatility, Fannie Mae explained.According to the research and the Bureau of Labor Statistics job report, consumer spending rose in July and August, while full-time employment exceeded its pre-recession peak.“On balance, growth in the second half of the year is expected to come in higher, albeit modestly, than the first half,” the report said.Housing market strength was also highly unbothered by the volatile stock market, performing strong in a number of areas.“Continued strong performance of year-to-date home sales and modestly weakening leading indicators confirms that our prior forecast of existing home sales this year remains valid. However, lower actual and projected cash sales led us to revise slightly higher purchase mortgage originations,” Duncan noted.However, sub-par single-family construction was a little disappointing, causing Fannie Mae to lower its projected single-family starts projection for 2016.The research group expects that total mortgage originations will increase by about 25 percent for all of 2015, total production volume to fall about 18 percent, and the refinance share to decline about 15 percentage points.“Overall, we anticipate economic growth of 2.4 percent for 2015, up slightly from 2.1 percent in the prior forecast,” Duncan said. “Consumer and government spending as well as nonresidential and residential investment are expected to contribute to growth while net exports and inventory investment will likely pose headwinds.”Click here to view Fannie Mae’s full report. September 17, 2015 951 Views Previous: Experts Believe Single-Family Rental Market is Here to Stay Next: Three States Account for Nearly One-Third of the Country’s Negative Equity Consumer Spending Fannie Mae U.S. Economy 2015-09-17 Brian Honea Tagged with: Consumer Spending Fannie Mae U.S. Economy The Best Markets For Residential Property Investors 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. About Author: Xhevrije West  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img in Daily Dose, Featured, Market Studies, News Economic Improvement Predicted for the Rest of 2015 Despite Market Volatility The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Related Articles Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more