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Spring Homebuying Season to be the Strongest Since 2007

Spring Homebuying Season to be the Strongest Since 2007

According to Freddie Mac’s U.S. Economic and Housing Market Outlook for March, this spring’s homebuying season will be the strongest we have seen since 2007.

Freddie Mac predicts that current low mortgage rates and increasing home prices to continue, as well as gradually improving consumer confidence that is expected to boost home sales this spring.

Sales are expected to increase 8 to 10 percent in 2013 when compared to 2012 numbers, Freddie economists report. The mortgage giant also predicts that housing starts will increase to 950,000 units this year compared to 780,000 in 2012.

"History shows us not all economic recoveries are created equal, and consumer confidence mirrors this fact,” says Frank Nothaft, Freddie Mac’s chief economist. “With the spring home-buying season upon us, the recent highs in the stock market are a welcome signal of better times ahead. But it will be the gradually declining unemployment rate and steadily improving housing market that will deliver broad-based economic benefits for Americans and, in turn, support the overall recovery."

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