According to Fannie Mae’s Economic & Strategic Research Group, in 2012 the U.S. housing market will add to the nation’s gross domestic product for the first time in seven years.
Housing also showed signs of improvement late last year with existing home sales rising in December for the third consecutive month. Indicators point to some good pickup in construction of apartment buildings and modest pickup in single-family construction in some locations.
Overall, housing is expected to add to gross domestic product (GDP) for the first time in seven years, albeit by a very modest amount.
Sales and prices are still low, so it’s not going to make a tremendous difference, but it’s another sign of the improving market. We’re pulling out of the recession.