Douglas Duncan News
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A rebound in U.S. auto sales has been buoyed by the return of easy lending, even to borrowers with flawed credit histories. Some economists question whether the gains can be sustained without a boost in hiring.
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Home sales and construction will improve this year, contributing “modestly” to economic expansion after acting as a drag on growth since 2006, according to a Fannie Mae forecast released today.
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The federal homebuyer tax credit shifted demand in the U.S. housing market without having a lasting impact on prices, according to Douglas Duncan , chief economist of Fannie Mae, the largest mortgage financier.
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Anthony Andrade was forced to rent the San Antonio, Texas home he planned to buy after Bank of America Corp. approved a mortgage and then scuttled three closings over two months with last-minute document requests.
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Matthew and Carina Hensley offered $10,000 more than the asking price for a three-bedroom house in suburban Seattle, then lost out to one of seven other bidders.
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The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market.
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U.S. retail industry sales growth will shrink to 3.4 percent this year, hampered by the lingering housing slump, a trade group forecast.
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