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Job Growth To Help Boost Home Sales

March 24th, 2014 | Written by | Leave A Comment

SoldAccording to Freddie Mac’s U.S. Economic and Housing Market Outlook for March, home sales will continue to increase this year, despite higher mortgage rates and home prices. The forecast – which projects a 3 percent rise in sales for 2014 – is based on a belief that the job market and wage growth will both continue to improve. Frank Nothaft, Freddie Mac’s vice president and chief economist, said with more jobs, wage growth should continue to accelerate, giving Americans the income to buy homes and help sustain the emerging purchase market. Despite an unemployment rate that is still stubbornly high, Nothaft believes improvement in economic growth will help boost both construction and manufacturing employment, which are the sectors of the economy that have been slowest to recover. In fact, there are 1.5 million fewer construction jobs than there were in December 2007. Freddie Mac’s outlook also calls for moderate price increases and an almost 20 percent increase in new home construction this year

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