Freddie Mac: Home-Buying Market “Chugging Along”
Freddie Mac economists are forecasting a continuing strong rental market for the foreseeable future, while describing the single-family ownership market as “chugging along.”
The government-sponsored enterprise said construction on apartment complexes is now at its highest pace since early 2006. It also noted that condominium construction is near an all-time low. The absorption rate over the last six months has risen to 83 percent, indicating continued demand.
“Over the past four quarters all the growth in net household formations has been among renters,” Freddie Mac analysts said. “The decline in homeownership rates has been primarily concentrated among younger households. For example, for those 35 years and younger, their homeownership rate has fallen from 43.6 percent to 35.9 percent over the past decade.”
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