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Freddie Mac: Housing recovery readies to shift into higher gear

May 22, 2014
According to the U.S. Economic and Housing Market Outlook for May recently released by Freddie Mac, regular supply and demand forces continue to produce unexpected results as the housing recovery readies to shift into higher gear during the spring home buying season. Report highlights include: projected new home construction to increase by 18 percent; new and existing home sales maintaining at 5.5 million in 2014, the same as 2013; and 30-year fixed-rate mortgages to gradually rise higher. 

Frank Nothaft, Freddie Mac vice president and chief economist, said there are various imbalances holding back the housing recovery, but at the heart of the matter it comes down to jobs. Housing needs stronger, sustained levels of job creation to get the housing engine firing on all cylinders.

To read the entire Freddie Mac press release, click here.
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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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