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Jan 27

Economic News for the week of January 20th

Check out the latest economic news from Stephen Chow, Mortgage Broker, Sterling Bank on his Inside Lending Newsletter. Words from Stephen:

headerFannie Mae projects overall economic growth to rise from 2.6% in 2013 to 2.9% in 2014, with housing’s contribution expected to double from 0.3% to 0.6%. Fannie Mae economists also expect a modest rise of about 2% in existing home sales for the year, and a strong 20.2% gain for new home sales.

Nationally the median price for an existing home will go up 6.7% on an annual basis, to $208,000, while the new home median price is expected to rise 6.8%, to $283,000.

DID YOU KNOW?

A National Association of Home Builders survey reported that in 2013 the average new home was 300 square feet larger, at 2607 square feet, but the average lot shrank from about a half-acre to one-third of an acre, compared to 2011.

Forecasting Federal Reserve policy changes in coming months… 

Economists expect the Fed’s super low Funds Rate to stay where it is for a while longer.

Stephen Chow
Mortgage Banker/Broker
10500 NE 8th Street Ste 1776
Bellevue, WA 98004
Office: 425.709.8970
Mobile: 425.260.1728

 

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