Posted To: MND NewsWire

At the midway point of the current (3 rd ) quarter Fannie Mae is looking for a huge improvement in the gross domestic product (GDP). The company’s Economic & Strategic Research (ESR) Group is forecasting an increase of 27.2 percent for the quarter and has revised its projected decline for the entire year from 4.2 percent to 3.1 percent. The rosy outlook is based on a savings rate of 19 percent in June. “extremely accommodative fiscal and monetary policy to date” and data on mobility and credit card expenditures in July. If actualized it would represent a quick turnaround from the 32.9 percent decline in Q2, the steepest since at least 1947 when the quarterly GDP data series began. The second quarter would have been worse if a partial recovery had not started in its second half. Real personal…(read more)

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Source: Mortgage News Daily