According to a recently published economic report from Freddie Mac, the market for new homes is set to continue its steady, albeit modest, positive growth.
This forecast follows on the heels of the news that housing starts for the second quarter of 2014 reached 980,000 new units being constructed. This new value presents an increase of over 67% from the gloom levels of mid-recession 2009.
So the housing market is certainly improving. Further good news is that Freddie Mac’s Chief Economist Frank Nothaft believes the increase in new homes being built will be responsible for “accelerating the improvement in labor markets and fuel even more household formations and more housing demand”. The increase in new homes being built will likely generate the jobs and the income necessary to fuel the construction of even more new homes. The outcome of this forecast effect is seen through the prediction that 1.3 million new homes will be built in 2015.