Fannie Mae – Economy Building Momentum into Second Half of the Year

Katie Penote – 202-752-2261

WASHINGTON, DC – Incoming data suggest that domestic economic activity was stronger than expected in the second quarter, paving the way for accelerated growth in the second half of the year, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research (ESR) Group. Bolstered by improved consumer spending and residential and nonresidential investment, and coupled with a waning drag from net exports, economic growth is expected to have picked up to 2.8 percent annualized in the second quarter—0.4 percentage points stronger than in the June forecast. Although volatile economic conditions abroad pose potential headwinds to 2015 growth expectations, the ESR Group has adjusted its full-year 2015 economic growth projection to 2.1 percent, up from 1.9 percent in the prior forecast.

“Our second-half outlook is little changed overall, but we have upgraded our full-year outlook due to the upward revision to first-quarter GDP and our more optimistic view for the second quarter,” said Fannie Mae Chief Economist Doug Duncan. “We believe consumer spending will be the largest contributor to growth for the remainder of the year, particularly as consumers’ confidence, household net worth, and income growth prospects have continued to strengthen amid an improving jobs market. On the downside, the drop in oil prices will likely continue to weigh on nonresidential investment in structures, and on balance we expect net exports to be a drag on growth this year, due in large part to the debt crisis in Greece and deteriorating economic conditions in China.”

“Our housing forecast also remains largely unchanged, with leading housing indicators pointing to continued improvement heading into summer,” said Duncan. “We expect to see strong sales, lean inventories, and rising confidence through the rest of the year, which should support increased home building activity and give an added boost to economic growth. Although a lack of skilled labor may hurt construction activity, our forecast calls for housing starts to average 1.12 million units. We expect existing and new home sales to climb by approximately 5 and 25 percent, respectively, and total mortgage originations to rise approximately 24 percent to $1.46 trillion, with a refinance share of 47 percent.”

Visit the Economic & Strategic Research site at www.fanniemae.com to read the full July 2015 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

Fannie Mae enables people to buy, refinance, or rent homes.

Visit us at: http://www.fanniemae.com/progress.

Follow us on Twitter: http://twitter.com/FannieMae.

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REIRE – Curso preparatorio para obtener la licencia de Corredor/Vendedor de Bienes Raíces

El Reality Institute of Real Estate, estará ofreciendo su curso preparatorio para obtener la licencia de corredor / vendedor de bienes raíces. ¡Anímate y prepárate con los #1 en bienes raíces!

Ven y aprende la fórmula del éxito que nos posiciona como los #1 en bienes raíces.

¿Dónde?- En nuestra moderna y remodelada casa. Parada 18, Fernández Juncos 1253, Esq. Roberto H. Todd en Santurce.

¿Cuándo?- Comenzamos el 4 de agosto de 2015 a las 6:30 pm.

¿Costo?- Corredor, 90 horas – $550, Vendedor, 60 horas – $450
¡INCLUYE MATERIALES!

¡Separa tu espacio YA!

Para mas información se pueden comunicar al (787) 745-8777 / info@reire.net

REIRE, TU CASA EDUCATIVA.

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Fannie Mae – Consumer Attitudes on Housing May Signal Healthier Purchase Market Ahead

Katie Penote – 202-752-2261

WASHINGTON, DC – Americans’ outlook toward the current home selling market and the future of home rental prices may bode well for purchase activity this year, according to results from Fannie Mae’s June 2015 National Housing Survey™. Amid continued strong job and income growth, consumers are looking more favorably on the current selling climate, perhaps portending an uptick in the existing home supply. Among those surveyed, the share who believe now is a good time to sell a home reached a new survey high, increasing three percentage points to 52 percent and crossing the 50-percent threshold for the first time in the survey’s history. At the same time, the share who said they expect home rental prices to go up in the next 12 months rose four percentage points to 59 percent, also an all-time survey high. With an increase in housing supply from those ready to sell, combined with higher rental cost expectations, more potential homebuyers may be encouraged to leave the sidelines.

“Our June survey results show the positive impact on housing of job and income growth,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The expectation of higher rents is a natural outgrowth of increasing household formation by newly employed individuals putting upward pressure on rental rates. A complementary rise in the good time to sell measure suggests that limited inventory, which is putting upward pressure on house prices, gives an increasing advantage to sellers. Together, these results point to a healthier home purchase market, with more renters likely to find owning to be more cost-effective than renting and more sellers likely to put their homes on the market.”

SURVEY HIGHLIGHTS

Homeownership and Renting

  • The average 12-month home price change expectation fell to 2.6 percent.
  • The share of respondents who say home prices will go up in the next 12 months fell to 47 percent. The share who say home prices will go down rose to 7 percent.
  • The share of respondents who say mortgage rates will go up in the next 12 months rose 3 percentage points to 50 percent.
  • Those who say it is a good time to buy a house fell to 63 percent – tying a survey low – while those who say it is a good time to sell rose to 52 percent – a new survey high.
  • The average 12-month rental price change expectation fell to 4.2 percent.
  • The percentage of respondents who expect home rental prices to go up rose to 59 percent – a new survey high.
  • Those who think it would be easy to get a home mortgage remained at 50 percent, while those who think it would be difficult remained at 46 percent.
  • The share who say they would buy if they were going to move fell 2 percentage points to 64 percent, while the share who would rent increased to 30 percent.

The Economy and Household Finances

  • The share of respondents who say the economy is on the right track increased by 1 percentage point to 39 percent, while those who say the economy is on the wrong track fell by 1 percentage point to 51 percent.
  • The percentage of respondents who expect their personal financial situation to get worse over the next 12 months fell back to 10 percent – tying a survey low.
  • The share of respondents who say their household income is significantly higher than it was 12 months ago fell 1 percentage point to 27 percent.
  • The percentage of respondents say their household expenses are significantly higher than they were 12 months ago remained at 31 percent.

The most detailed consumer attitudinal survey of its kind, Fannie Mae’s National Housing Survey™ polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). To reflect the growing share of households with a cell phone but no landline, the National Housing Survey has increased its cell phone dialing rate to 60 percent as of October 2014. For more information, please see the Technical Notes. Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the June 2015 survey, as well as technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey page on fanniemae.com. Also available on the site are in-depth topic analyses, which provide a detailed assessment of combined data results from three monthly studies. The June 2015 National Housing Survey was conducted between June 1, 2015 and June 23, 2015. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

Fannie Mae enables people to buy, refinance, or rent homes.

Visit us at: http://www.fanniemae.com/progress.

Follow us on Twitter: http://twitter.com/FannieMae.

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Residentes de condominios y urbanizaciones cerradas no pagarán IVU por servicios

Por: Noticel

En una inusual movida, un proyecto de ley radicado por 27 legisladores, encabezados por la expresidenta cameral Jenniffer González Colón, trascendió líneas político partidistas para proteger a más de un millón de residentes de complejos de viviendas de condominios, cooperativas de viviendas y asociaciones de residentes de urbanizaciones de controles de acceso, que verían un aumento en sus cuotas de mantenimiento.

Esto como producto del nuevo impuesto de servicios profesionales que aplicaría a partir de octubre en un 4 por ciento y 10.5 por ciento a partir de abril a todos los servicios.

“Gracias al trabajo en equipo, hoy, sobre un millón de residentes pueden estar tranquilos de que sus cuotas de mantenimiento no sufrirán alza alguna por concepto de los nuevos impuestos aprobados. Lo que significa un respiro no solo para nuestros envejecientes, quienes son una población dominante en los complejos de vivienda y no gozan de aumentos de ingresos, sino para otros sectores como madres solteras, y demás quienes ante la frágil economía de la Isla enfrentan limitaciones económicas”, expresó González en un comunicado.

Según la legisladora, la pieza original, el Proyecto de la Cámara 2534, fue presentado el 10 de junio junto con Carlos “Johnny” Méndez, Luis Raúl Torres, Carlos Vargas Ferrer y Luis Vega Ramos y tuvo el endoso de todos los miembros de la Delegación del PNP, los representantes Pedro Julio “Pellé” Santiago y Ángel Matos García. Además, recibió el respaldo de la Alianza de Condominios y la ciudadanía. Es la primera medida de envergadura que se radica con los votos requeridos para ser aprobada, y a la que se unieron todos los legisladores del cuerpo.

El 15 de junio, la portavoz envío una misiva al secretario de Hacienda, Juan Zaragoza para que endosara el proyecto y otra al presidente cameral, Jaime Perelló para que uniera a la medida y le diera paso en la Cámara, por lo que eventualmente toda la delegación del PPD en la Cámara se unió. La medida fue aprobada por unanimidad en ambos cuerpos.

Indicó que el proyecto, convertido en la Ley 107-2015, enmienda las Secciones 4010.01, 4110.01 y 4120.03 de la Ley 1-2011, según enmendada, conocida como “Código de Rentas Internas de Puerto Rico de 2011”, para eximir del Impuesto de Ventas y Uso (IVU) y del Impuesto al Valor Añadido (IVA) a los servicios provistos a las asociaciones de propietarios, a las cooperativas de vivienda así como a proyectos residenciales de vivienda de interés social que reciban subsidios de renta federales o estatales.

Por su parte, el representante del Distrito 2 de San Juan, Luis Raúl Torres Cruz agradeció al gobernador, Alejandro García Padilla por haber convertido la medida en ley.

“Como he señalado anteriormente, al igual que la salud y la educación, el hogar es parte esencial a la vida del ser humano y no puede catalogarse como un gasto discrecional. Es un gasto necesario e inevitable para la familia”, afirmó Torres Cruz en declaraciones escritas.

De otra parte, señaló que en este momento en el que el gobernador hizo un llamado a la unidad para atender la crisis fiscal que atraviesa el gobierno y la necesidad de impulsar el desarrollo económico de Puerto Rico, firmar y convertir en ley este proyecto de autoría bipartidista, es una señal correcta de el camino a seguir para la reconciliación de todos los puertorriqueños para trabajar juntos por amor al país.

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¿Cómo se compra una casa reposeída?

Por: Mildred Rivera Marrero – endi.com

Hay 8,000 propiedades que están disponibles en ese mercado

La crisis económica, que ha provocado que miles de familias pierdan su vivienda, también ha generado un mercado para muchas otras, que pueden adquirir esas propiedades. Pero, ¿cómo adquirir una casa reposeída?

Todos las instituciones financieras tienen sus procedimientos pero, en general, si le interesa considerar una de esas viviendas, debe revisar las listas de casas que se han ejecutado para que escoja la que más le guste y aquella que pueda pagar o para la cual le puedan dar financiamiento. Puede encontrar las listas en las páginas web de las instituciones, donde aparece una foto de la propiedad,  la localización, una breve descripción y el costo de tasación; o puede visitar una sucursal y ver la lista de propiedades y orientarse.

Y, prepárese para una larga lista porque actualmente el inventario de propiedades reposeídas, entre residenciales y comerciales asciende a 8,000, puntualizó el vicepresidente ejecutivo de la Asociación de Bancos de Puerto Rico, Arturo Carrión.

En el caso del Firstbank, la institución aconseja que su primera gestión sea visitar una sucursal, orientarse con un oficial y hacer una precualificación hipotecaria. Natalie Barnecett, vicepresidenta auxiliar y gerente de productos de esa institución explicó que ese paso permite que “se le diga hasta dónde cualifica, qué préstamo le pueden dar”. Entonces, le dan una lista de viviendas por municipio y usted puede elegir la que mejor le convenga para que un empleado o un corredor de bienes raíces contratado por la institución lo acompañe a ver la propiedad.

Una vez haya visto la estructura, usted puede hacer una oferta de compra con un precio distinto al que aparece en la lista, que es el precio de tasación de la propiedad. El banco evalúa su oferta y la acepta o le hace una contraoferta, explicó Barnacett.

El precio final será el precio de venta, el valor de tasación o el que sea menor entre ambos. Por ejemplo, si la casa tasa $150,000 en la lista, usted ofrece $140,000, pero al volver a tasarla resulta que el valor es mayor, se la venderán en los $140,000 que usted ofreció.

“Toda las propiedades se venden libres de gravamen”, agregó Barnacett.

La banquera recordó que hay casas reposeídas que están en perfectas condiciones, pero hay otras que las personas las tuvieron que entregar a medio construir o que, en el tiempo que ha transcurrido luego de que la propiedad fue ejecutada, fue vandalizada o se ha deteriorado. Esa y otras condiciones requieren que considere varios factores al evaluar las propiedades, advierten Barnacett y Carrión.

¿Qué factores debe considerar al buscar una casa reposeída?

  • Cuál está más cerca de su presupuesto.
  • Si está dispuesto a hacerle mejoras y cuánto está dispuesto a invertir en las mismas.
  • Cuánto dinero tiene disponible para el pronto.
  • El uso que le va a dar a la propiedad. Si será su casa principal, un lugar para vacacionar o si la adquirirá como una inversión.
  • Si quiere un negocio a corto o largo plazo.
  • La localización, porque muchas ofertas de préstamos dependen le dónde esté la propiedad.
Posted in Comprando, Hipotecas, Noticias | 4 Comments

The 10-Step Guide to Buying a House

Buying a house may be the most complicated financial process of your entire life. Luckily, we’ve broken it down into 10 straightforward steps:

1. Are you ready to become a homeowner?
Whether you’re becoming a homeowner for the first time or you’re a repeat buyer, buying a house is a financial and emotional decision that requires the experience and support of a team of reliable professionals.

2. Get a Realtor®
In the maze of forms, financing, inspections, marketing, pricing, and negotiating, it makes sense to work with professionals who know the community and much more. Those professionals are the local Realtors who serve your area.

3. Get a mortgage pre-approval
Most first-time buyers need to finance their home purchase, and a consultation with a mortgage lender is a crucial step in the process. Find out how much you can afford before you begin your home search.

4. Look at homes
A quick search on our site will bring up thousands of homes for sale.  Educating yourself on your local market and working with an experienced Realtor can help you narrow your priorities and make an informed decision about which home to choose.

5. Choose a home
While no one can know for sure what will happen to housing values, if you choose to buy a home that meets your needs and priorities, you’ll be happy living in it for years to come.

6. Get funding
The cost of financing your home purchase is usually greater than the price of the home itself (after interest, closing costs, and taxes are added). Get as much information as possible regarding your mortgage options and other costs.

7. Make an offer
While much attention is paid to the asking price of a home, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value—or additional costs—for buyers.

8. Get insurance
No sensible car owner would drive without insurance, so it figures that no homeowner should be without insurance, either. Real estate insurance protects owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime.

9. Closing
The closing process, which in different parts of the country is also known as “settlement” or “escrow,” is increasingly computerized and automated. In practice, closings bring together a variety of parties who are part of the real estate transaction.

10. What’s next?
You’ve done it. You’ve looked at properties, made an offer, obtained financing, and gone to closing. The home is yours. Is there any more to the home-buying process? Whether you’re a first-time buyer or a repeat buyer, you’ll want to take several more steps.

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Un comodo apartamento a un comodo precio.

¡Seguimos mañana! Domingo 28 de junio, Open House en Villa Nueva Apartments, Caguas. 10:00am – 5:00pm

No deje pasar la oportunidad de invertir en Caguas. Visita Villa Nueva Apartments durante su Open House el 27 y 28 de junio de 10am-5pm y oriéntese sobre cómo dar el primer paso para formar parte de esta nueva comunidad donde continúan activamente los cierres y las entregas. Un apartamento en Villa Nueva Apartments podrá ser suyo con precios comenzando desde $74,500. Expertos de Popular Mortgage podrán orientarle sobre ofertas de financiamiento y productos hipotecarios que se adapten a ti.
En los pasados años el desarrollo de Caguas ha convertido a dicho municipio en uno de los lugares más atractivos para convivir en familia. Su céntrica localización, rodeado de las principales autopistas y a sólo 20 minutos de San Juan, hace que más y más familias busquen establecer su hogar en Caguas.

Villa Nueva Apartments es sin duda una alternativa ideal. Seleccione un moderno townhouse remodelado con 3 habitaciones y 1 baño, sala, comedor, y cocina con “laundry”. Todos tienen balcón y patio individual. Cuenta con marquesina sencilla. Entre sus amenidades comunes podrá disfrutar de área de juego para niños y gazebo para actividades.

Visite nuestra oficina de ventas a cargo de Reality Realty, licencia # 053, los miércoles, sábados y domingos de 10am a 5pm o llame al 787-981-3812 / 787-745-8777. Para orientación hipotecaria, comuníquese con Rosa I. Negrón de Popular Mortgage en el 787-385-4221 o visite www.popular.com/micasa.

Posted in Eventos | 2 Comments

Reality Realty y seis compañias adicionales listas para lanzar sus franquicias.

San Juan, PR – El grupo de siete empresarios locales que hicieron de su concepto de negocio una franquicia, hoy dieron a conocer el nuevo modelo y los detalles para la adquisición de una franquicia puertorriqueña. Estas empresas son el resultado del primer programa de Incentivo Económico para el Desarrollo de Franquicias Locales Exportables creado por el Gobierno, a través de la Compañía de Comercio y Exportación (CCE), según lo anunció su director ejecutivo, el licenciado Francisco Chévere.

“Gracias a este programa, el grupo de empresas del patio tuvo acceso a una de las opciones más viables para crecer, adquirir ingresos adicionales y expandirse en el mercado local e internacional, a la vez que proveen una alternativa para el desarrollo de nuevos negocios. Asimismo, aquellas personas que adquieran una franquicia tienen la ventaja de: una marca reconocida, rápido posicionamiento, economía de escala, disminución en los costos relacionados al negocio, mejor distribución de productos y servicios, disminución de riesgo financiero y rentabilidad a largo plazo”, expresó el Director Ejecutivo de CCE.

El grupo está compuesto por Bambú Burger Grill Restaurant, Zen Spa, La Parrilla Argentina, Pashminas in a Bag, Happy Bowls, Reality Realty y Tijuana’s.  “Estas empresas cumplieron con los requisitos, asistieron al curso de capacitación y desarrollaron su plan de franquicias”, señaló el licenciado Chévere.

Las empresas participantes de este Programa reciben un incentivo de hasta $20,000 para desarrollar y ejecutar el plan de negocios del modelo de franquicia. También se les proveyó asesoría en todas las fases importantes para franquiciar un negocio, como lo son la planificación, ejecución e implementación. Para participar del incentivo, las empresas fueron seleccionadas mediante un proceso de competencia donde se evaluó el potencial para franquiciar y exportar su concepto de negocio.

“Con esta iniciativa esta Administración dio un paso más de avanzada al reconocer en el desarrollo de franquicias, con capacidad de exportación, una estrategia de crecimiento económico para las empresas puertorriqueñas. Aquellas PyMEs que posean un negocio exitoso, rentable y con ventaja competitiva pueden contemplar la opción de convertir el mismo en un modelo de franquicia exportable”, concluyó el Titular de la CCE.

Los interesados en obtener más información sobre estas franquicias pueden acceder www.comercioyexportacion.com, donde estarán disponibles los datos de las empresas, de su nuevo modelo de franquicias, información de contacto o enlaces. También pueden comunicarse al 787.294.0101 extensión 2093 o 2094.

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Freddie Mac – U.S. Housing Markets Strengthen

Over Half of All States and Over a Third of Top 100 Metros Now In-Range

MCLEAN, VA–(Marketwired – Jun 24, 2015) – Freddie Mac (OTCQB: FMCC) today released its updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to stabilize with the strongest markets realizing the greatest benefits from a spring homebuying season in full swing.

The national MiMi value stands at 78.7, indicating a weak housing market overall but showing an improvement (+0.14%) from March to April and a three-month improvement of (+2.10%). On a year-over-year basis, the national MiMi value has improved (+3.57%). Since its all-time low in October 2010, the national MiMi has rebounded 33 percent, but it’s still significantly off from its high of 121.7.

News Facts:

  • Twenty-six of the 50 states plus the District of Columbia have MiMi values in a stable range, with the District of Columbia (97.8), North Dakota (96.3), Montana (92), Hawaii (91), and Alaska (87.4) ranking in the top five.
  • Thirty-five of the 100 metro areas have MiMi values in a stable range, with Fresno (94.8), Honolulu (92.3), Austin (92.1), Los Angeles (89.1) and Salt Lake City, TX (88.9) ranking in the top five.
  • The most improving states month-over-month were Washington (+1.49%), Indiana (+1.32%), Tennessee (+1.03%), Oregon (+0.83%) and Mississippi (+0.82%). On a year-over-year basis, the most improving states were Florida (+10.89%), Nevada (+10.55%), Oregon (10.29%), Colorado (+8.72%), and Michigan (+8.31%).
  • The most improving metro areas month-over-month were Palm Bay, FL (+1.51%), Portland, OR (+1.32%), Indianapolis, IN (+1.22%), Oxnard, CA (+1.22%) and Lakeland, FL (+1.99%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+12.6%), Palm Bay, FL (+12.14%), Miami, FL (+11.97%), Cape Coral, FL (+10.73%), and Las Vegas, NV (+11.54%).
  • In April, 43 of the 50 states and 92 of the 100 metros were showing an improving three month trend. The same time last year, all 50 states plus the District of Columbia, and 99 of the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“We saw a significant improvement in housing markets nationwide, with ten more metro areas and nine more states moving within range of their benchmark, stable level of housing activity. The West and Southwest areas of the country continue to lead the way, especially Colorado, Oregon and Utah, and California is right there as well. Unlike a year ago, when the most improving markets were those hardest hit by the Great Recession, we’re now seeing stable markets among the most improving as well. So the strong housing markets are getting stronger, which reflects the better employment picture, rising home values and increased purchase activity in these markets with the spring homebuying season in full swing.”

The 2015 MiMi release calendar is available online.

MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.

For more detail on MiMi see the FAQs. The most current version can be found at FreddieMac.com/mimi.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for approximately one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

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Fannie Mae – Economic Rebound on the Horizon with Q1 Slump in Rearview Mirror

Katie Penote – 202-752-2261

WASHINGTON, DC – Recent indicators suggest that the U.S. is experiencing a moderate rebound in economic growth in the current quarter following a temporary drop in activity in the first quarter, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research (ESR) Group. The strong U.S. dollar and challenges in the oil and gas industry will likely produce some ongoing headwinds in the near term. However, the continued strengthening in employment and household income, as well as the return to more normalized weather patterns, are expected to help economic growth climb to 2.4 percent annualized in the second quarter before accelerating in the second half of the year to an average of 3.0 percent.

“The first-quarter slump wreaked more havoc than expected, particularly as real consumer spending grew only 1.8 percent annualized despite significant savings at the gas pump,” said Fannie Mae Chief Economist Doug Duncan. “We adjusted our full-year growth projection down to 1.9 percent from 2.3 percent in the prior forecast, in light of the downward revision to first-quarter GDP. However, our forecast for the current quarter and the rest of the year is little changed as recent developments support our expectations for a second-quarter pick-up. Labor market conditions are providing more near-term support for consumers, indicating that the acceleration in income growth this year should be sustainable. Additionally, the decline in gas prices could lead to a delayed boost in consumer spending as we saw in May with auto sales posting the strongest pace in nearly a decade, further signaling that consumer spending is gearing up for a rebound.”

“Our forecast for housing and mortgage activity remains unchanged amid continued improvement seen at the start of the second quarter,” said Duncan. “We expect total housing starts and total home sales in 2015 to rise about 10 and 5 percent, respectively, with mortgage originations increasing approximately 23 percent to $1.46 trillion. Given the uneven economic growth in the U.S. and slow growth around the globe, interest rates are unlikely to surge. This should enable the housing market to better withstand some headwinds from higher rates this year than in the past.”

Visit the Economic & Strategic Research site at www.fanniemae.com to read the full June 2015 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

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