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July 2011 U.S. Economic and Housing Market Outlook

Freddie Mac recently released its U.S. Economic and Housing Market Outlook for July showing the housing market, buffeted by a recovering rental sector, is unlikely to experience a “double dip,” and will likely follow the performance of the overall economy for the remainder of 2011.

Additionally, home sales are still projected to be up over 2010′s pace by 3 to 5 percent.

Outlook Highlights

• Despite record levels of home buyer affordability and historically low mortgage rates, households remain concerned over their financial futures and are holding off on major purchases, particularly homes.

• The rental housing market, continued to show the clearest signs of a turnaround with the Apartment Property Price Index showing a 15.2 percent gain over the year through the first quarter of 2011.

• After clear weakness in national price metrics through the first quarter, the FHFA Purchase-Only House Price Index for the U.S. was up 0.8 percent in April compared with March, and the S&P/Case-Shiller 20-city composite index registered a monthly gain of 0.7 percent (not seasonally adjusted) in April, the first positive monthly sign in eight months.

Median Price For Sale versus Sold – Single Family Homes, LA County, Last 3 Years Quarterly:

Average Days On Market:

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