Fannie Lowers Housing Market Forecast

Fannie Mae has cut its forecast for the U.S. housing market’s performance in 2014. Doug Duncan, Fannie’s lead economist, said that he expects builders to start construction on 1.05 million housing units this year, down 50,000 from Fannie’s forecast earlier this year. “We have downgraded our housing forecast slightly due to a lackluster sales picture, but the recent loss of momentum is likely a temporary one,” Duncan said. Freddie Mac previously lowered its forecast for home sales in 2014 to 5.5 million units from a prior estimate of 5.6 million.

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