Each month, Fannie Mae's Economic and Strategic Research Group releases a forecast detailing what they think may be ahead for the housing market and economy. According to their most recent release, the group believes the economy will slow down during the second half of the year but sees the housing market helping to revive it heading into 2024. Doug Duncan, Fannie Mae's senior vice president and chief economist, says housing continues to outperform expectations and will help cushion any economic slowdown. “Housing remains exhibit number one for why we expect the recession to be modest,” Duncan said. “It continues to outperform our expectations, and we expect that its relative strength will help kickstart the economy into expanding again in 2024.” Still, the group believes there will be a modest recession sometime during the second half of this year – though they acknowledge there are several paths the economy could take and the timing of a potential slowdown remains hard to predict.
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