Fannie Mae ESR Group Still Expects A 'Modest Recession'
Elevated mortgage rates and home prices will continue to limit housing activity.
Elevated mortgage rates and home prices will continue to limit housing activity.
According to Fannie Mae's ESR Group, housing and mortgage markets are not expected to recover until 2024.
The Bureau of Economic Analysis' original estimate was 2.6%.
Rapid rising rates are contributing to negative GDP growth.
Residential spending and business spending remain strong