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Report: US Housing Market to Continue Gradual Recovery


The US housing market appears set to continue along its gradual pace of recovery for the balance of 2015. Rising mortgage rates and increased consumer confidence could be the nudge that homebuyers need to enter a tight housing market. These findings come from the National Association of Realtors recently released "Mid-2015 US Economic and Housing Forecast," reports World Property Journal. Included in the report are detailed observations from NAR chief economist Lawrence Yun on the state of the US economy and housing market. Yun believes GDP, and consumer and business spending will pick up in the second half of the year. He anticipates residential construction spending will continue to increase through December (at a faster rate than January-June) because housing starts are rising. [WPJ]