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Tag Archives: GDP

Fannie Economist: Europe ‘Clearly’ in Recession

The chief economist with Fannie Mae said Tuesday that Europe is "clearly" in recession and forecasted that the United States will endure market corrections for the next five years as housing largely stays in the doldrums. Fannie Mae economist Doug Duncan spoke at the 2011 MPact Mortgage Banking Conference and Expo, which former Secretary of State Condoleezza Rice headlined Monday evening. Rice discussed problems with the euro zone during her keynote address. Duncan predicted that annual growth will hedge toward 1.5 percent over the next year.

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Home Prices Stagnate in Still-Weak National Economy

Home prices drifted lower over the third quarter this year, falling year-over-year by 3.9 percent, according to Standard & Poor├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Case-Shiller Index. The figures inched forward by only 0.1 percent from last month, with the modest pickup reflecting a 5.8-percent improvement from figures seen for home prices over the second quarter. The numbers beat forecasts for a 3.0-percent slide back from the 20-city composite. Fourteen of 20 cities fell in a southerly direction over September 2011, with figures for home prices in Atlanta, Las Vegas, and others sliding.

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Reports: Fitch May Downgrade Fannie, Freddie

A failure by lawmakers to slash $1.2 trillion from the national debt spurred Fitch Ratings to place U.S. debt on negative outlook Monday, a move that immediately hit GSEs Fannie Mae and Freddie Mac by association. The ratings agency revised a stable outlook for debt held by Fannie and Freddie to negative, even while it reaffirmed AAA-ratings in place for the GSEs. Multiple news reports suggest that Fitch will likely downgrade credit ratings for the U.S. federal government, along with Fannie and Freddie.

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Housing Market Will Stay Flat in 2012: Fannie Mae

Even with a pickup in the general economy, overall growth will remain flat into the New Year, slowing any impact from the housing market and delaying significant changes, according to a think tank internal to Fannie Mae. The mortgage company described circumstances going forward as those vulnerable to weak jobs growth, external shocks from the euro zone, and pickups or drops in consumer spending and confidence. Troubled euro zone markets continued to weigh down on the forecast.

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Home Sales Expected to Lift in 2012: NAR

Today├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós record-low mortgage rates and southerly home sales will post gains into next year, according to the economist with one trade group. Lawrence Yun, chief economist with the National Association of Realtors, predicted at the 2011 Realtors Conference and Expo that home sales and existing-home sales would rise, along with mortgage rates. He said that GDP would climb from a 1.8-percent slump to 2.2 percent over next year, as job growth marches toward 2.2 million and the unemployment rate falls to 8.7 percent.

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Lawmaker Wants Dodd-Frank Financial, Regulatory Analyses

As pressure builds to repeal the Dodd-Frank Act, one lawmaker pushed back by formally requesting an analysis of the rulemaking effort and financial consequences under the financial legislative overhaul. Sen. Tim Johnson wrote two letters to public officials Thursday to make the request, with clear intentions to secure a formal, objective analysis that lends credibility to the financial law and overall rulemaking process. Included agencies in the requested analyses: the Consumer Financial Protection Bureau and Federal Housing Finance agency.

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Greek Turmoil, G-20 Decisions Target U.S. Lenders

Political trouble in Greece sent stocks and shares for major mortgage lenders tumbling Friday, even as the world's 20 wealthiest nations placed eight U.S. banks on a list that may require systemically risky institutions to shore up their capital reserves. The decision revealed the degree to which events overseas continue to shake U.S. mortgage lenders in an increasingly interdependent global economy, where international players fear the potential for a double-dip recession and ripple effects from systemically risky institutions.

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October Payrolls Add 80K, Chipping at Unemployment

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Nonfarm payrolls counted more than 80,000 new jobs for the economy over October, slashing the unemployment rate by a few percentage points but at a clip that analysts say will marginally improve an otherwise uncertain economic outlook. The Labor Department reported Friday that the jump to more than 100,000 new jobs over September - a facelift driven largely by a return to work by striking Verizon employees - slid back to new figures with few surprising numbers for several industries.

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