Freddie Mac Releases September 2012 U.S. Economic and Housing Market Outlook
|September 13, 2012
Freddie Mac’s U.S. Economic and Housing Market Outlook for September shows consumers and businesses have become more energy efficient thereby dampening the negative impact of recent fuel-price spikes on the economy. Moreover, monetary policy is unlikely to be affected by short-term fuel-price inflation, thus allowing for an extended and favorable interest-rate environment.
- Between 1973 and 2011, energy consumption fell by 0.3 percent (annualized) to 314 million BTUs per capita.
- Fuel economy of passenger cars has also improved, rising from an average of only 13.4 miles per gallon (MPG) in 1973 to 22.6 MPG in 2008.
- Measured relative to square footage, homes built since 2000 have fuel costs that are about 30 percent lower than that of homes built before 1960.
- Anticipate a favorable interest-rate environment to remain at least through the end of this year to help energize the housing market.
- Comparing the first seven months in 2012 with the same period in 2011, home sales are up 8 percent and housing starts have rebounded by 19 percent. Further, second-quarter national house-price indexes have recorded a gain on a year-over-year basis.
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on the September 2012 U.S. Economic and Housing Market Outlook.
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